VA SB1355 | 2023 | Regular Session
Status
Spectrum: Partisan Bill (Republican 16-0)
Status: Introduced on January 11 2023 - 25% progression, died in chamber
Action: 2023-01-31 - Passed by indefinitely in Finance and Appropriations (11-Y 4-N)
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 11 2023 - 25% progression, died in chamber
Action: 2023-01-31 - Passed by indefinitely in Finance and Appropriations (11-Y 4-N)
Text: Latest bill text (Prefiled) [HTML]
Summary
Income tax; business interest; qualified business income deduction; corporate rate reduction. Increases from 30 percent to 50 percent the Virginia individual and corporate income tax deduction for business interest disallowed as a deduction under ยง 163(j) of the Internal Revenue Code beginning in taxable year 2024. The bill allows an individual income tax deduction in an amount equal to 50 percent of certain federal qualified business income deductions, excluding qualified real estate investment trust dividends. The bill also reduces from six percent to five percent the corporate income tax rate beginning in taxable year 2023.
Title
Income tax, state and corporate; business interest, qualified business income deduction.
Sponsors
Roll Calls
2023-01-31 - Senate - Senate: Passed by indefinitely in Finance and Appropriations (11-Y 4-N) (Y: 11 N: 4 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2023-01-31 | Senate | Passed by indefinitely in Finance and Appropriations (11-Y 4-N) |
| 2023-01-11 | Senate | Referred to Committee on Finance and Appropriations |
| 2023-01-11 | Senate | Prefiled and ordered printed; offered 01/11/23 23104214D |
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 322.03 | (n/a) | See Bill Text |
| 58 | 1 | 400 | (n/a) | See Bill Text |
| 58 | 1 | 402 | (n/a) | See Bill Text |
