HB 352

  • Virginia House Bill
  • 2022 Regular Session
  • Introduced in House Jan 11, 2022
  • House
  • Senate
  • Governor

Income tax, state and corporate; business interest.

Abstract

Virginia taxable income; business interest.Increases from 20 percent to 50 percent the Virginia individual and corporate income tax deduction for business interest disallowed asa deduction under § 163(j) of the Internal Revenue Code for taxable years beginning on and after January 1, 2022. The bill provides thatfor any taxpayer filing a separate return or as part of a combinedreturn who is part of a federal consolidated group that does not report an interest expense limitation under § 163(j) of the InternalRevenue Code on its federal consolidated return in the taxable year,the deduction allowed shall be 100 percent.

Bill Sponsors (1)

Votes


Actions


Feb 15, 2022

House

Left in Finance

Feb 07, 2022

House

Subcommittee recommends striking from docket (9-Y 0-N)

Jan 27, 2022

House

Assigned Finance sub: Subcommittee #1

House

Impact statement from TAX (HB352)

Jan 11, 2022

House

Prefiled and ordered printed; offered 01/12/22 22104027D

House

Referred to Committee on Finance

Bill Text

Bill Text Versions Format
Prefiled and ordered printed; offered 01/12/22 22104027D PDF HTML

Related Documents

Document Format
Fiscal Impact Statement: HB352F161.PDF PDF

Sources

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