Virginia Senate Bill 692 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 11 2022 - 100% progression
Action: 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0689)
Text: Latest bill text (Chaptered) [HTML]

Income taxation; pass-through entities. Permits a qualifying pass-through entity, defined in the bill, to make an annual election in taxable years 2021 through 2025 to pay an elective income tax at a rate of 5.75 percent, created by the bill, at the entity level for the taxable period covered by the return. The bill also (i) creates a corresponding refundable income tax credit for taxable years 2021 through 2025 for any amount of income derived from a pass-through entity having Virginia taxable income if such pass-through entity makes such election and pays the elective income tax imposed at the entity level and (ii) allows an individual to claim a credit for similar taxes paid to other states for taxable years 2021 through 2025.

Income tax, state; pass-through entities, elective tax.

Sen. John Petersen [D]

2022-03-02 - Senate - Senate: House substitute agreed to by Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-03-02 - House - House: VOTE: Block Vote Passage (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-28 - House - House: Reported from Finance with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-10 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-10 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-09 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 2) [PASS]
2022-02-08 - Senate - Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2022-04-11		Governor: Acts of Assembly Chapter text (CHAP0689)
2022-04-11		Governor: Approved by Governor-Chapter 689 (effective 7/1/22)
2022-03-22		Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
2022-03-22	Senate	Enrolled Bill Communicated to Governor on March 22, 2022
2022-03-08	House	Signed by Speaker
2022-03-08	Senate	Signed by President
2022-03-07	Senate	Bill text as passed Senate and House (SB692ER)
2022-03-07	Senate	Enrolled
2022-03-02	Senate	Title replaced 22106750D-H1
2022-03-02	Senate	House substitute agreed to by Senate (40-Y 0-N)
2022-03-02	House	VOTE: Block Vote Passage (100-Y 0-N)
2022-03-02	House	Passed House with substitute BLOCK VOTE (100-Y 0-N)
2022-03-02	House	Engrossed by House - committee substitute SB692H1
2022-03-02	House	Committee substitute agreed to 22106750D-H1
2022-03-02	House	Read third time
2022-03-01	House	Read second time
2022-02-28	House	Committee substitute printed 22106750D-H1
2022-02-28	House	Reported from Finance with substitute (22-Y 0-N)
2022-02-18	House	Referred to Committee on Finance
2022-02-18	House	Read first time
2022-02-18	House	Placed on Calendar
2022-02-10	Senate	Passed Senate (40-Y 0-N)
2022-02-10	Senate	Constitutional reading dispensed (40-Y 0-N)
2022-02-10	Senate	Engrossed by Senate - committee substitute SB692S1
2022-02-10	Senate	Committee substitute agreed to 22106137D-S1
2022-02-10	Senate	Reading of substitute waived
2022-02-10	Senate	Read second time
2022-02-09	Senate	Constitutional reading dispensed (38-Y 0-N)
2022-02-08	Senate	Reported from Finance and Appropriations with substitute (16-Y 0-N)
2022-02-08	Senate	Committee substitute printed 22106137D-S1
2022-01-20	Senate	Referred to Committee on Finance and Appropriations
2022-01-20	Senate	Presented and ordered printed 22104491D

HB1121 (Same As) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0690)
HB1121 (Same As) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0690)

Chapter	Article	Section	Citation Type	Statute Text
58	1	322.02	(n/a)	See Bill Text
58	1	390.1	(n/a)	See Bill Text
58	1	390.2	(n/a)	See Bill Text
58	1	390.3	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+SB692
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB692+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB692S1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB692H1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB692ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+CHAP0689+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/22106137D.pdf
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/22106750D.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB692F161+PDF
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB692FS1161+PDF
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB692FH1161+PDF
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB692FER161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+S05V0139+SB0692
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0291SB0692+SB0692
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0315SB0692+SB0692
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0316SB0692+SB0692
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H10V0143+SB0692
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+HV1355+SB0692
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0715SB0692+SB0692