VA SB1423 | 2023 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 11 2023 - 25% progression, died in chamber
Action: 2023-01-25 - Incorporated by Finance and Appropriations
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 11 2023 - 25% progression, died in chamber
Action: 2023-01-25 - Incorporated by Finance and Appropriations
Text: Latest bill text (Prefiled) [HTML]
Summary
Income tax; rates and deductions for businesses. Provides an individual income tax deduction for 50 percent of the amount of qualified business income deductible for federal income tax purposes, but excluding the amount of qualified REIT dividends deductible under the same provision of the Internal Revenue Code. The bill also reduces the corporate income tax rate from six percent to five percent for taxable years beginning on or after January 1, 2023.
Title
Income tax, state; rates and deductions for businesses.
Sponsors
Roll Calls
2023-01-25 - Senate - Senate: Incorporated by Finance and Appropriations (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2023-01-25 - Senate - Senate: Incorporated by Finance and Appropriations (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2023-01-25 - Senate - Senate: Incorporated by Finance and Appropriations (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2023-01-25 | Senate | Incorporated by Finance and Appropriations |
| 2023-01-11 | Senate | Referred to Committee on Finance and Appropriations |
| 2023-01-11 | Senate | Prefiled and ordered printed; offered 01/11/23 23102705D |
