VA SB583 | 2022 | Regular Session
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 12 2022 - 25% progression, died in chamber
Action: 2022-02-02 - Incorporated by Finance and Appropriations
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 12 2022 - 25% progression, died in chamber
Action: 2022-02-02 - Incorporated by Finance and Appropriations
Text: Latest bill text (Prefiled) [HTML]
Summary
Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, the limitation on business interest, and certain loan forgiveness and other business financial assistance and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also increases from $100,000 to $1 million the maximum individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans for taxable year 2020. The bill contains an emergency clause. Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, the limitation on business interest, and certain loan forgiveness and other business financial assistance and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also increases from $100,000 to $1 million the maximum individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans for taxable year 2020. The bill contains an emergency clause.
Title
Commonwealth's taxation system; conformity with the Internal Revenue Code, etc.
Sponsors
Roll Calls
2022-02-02 - Senate - Senate: Incorporated by Finance and Appropriations (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-02-02 | Senate | Incorporated by Finance and Appropriations |
| 2022-01-12 | Senate | Referred to Committee on Finance and Appropriations |
| 2022-01-12 | Senate | Prefiled and ordered printed with emergency clause; offered 01/12/22 22103772D |
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 301 | (n/a) | See Bill Text |
| 58 | 1 | 322.02 | (n/a) | See Bill Text |
| 58 | 1 | 322.03 | (n/a) | See Bill Text |
| 58 | 1 | 402 | (n/a) | See Bill Text |
