Janet Howell
- Democratic
Conformity of the Commonwealth's taxation system with the Internal Revenue Code. Advances Virginia’s date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill deconforms from the suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and from the provisions of the 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. The bill provides an individual and corporate income tax deduction or subtraction, as applicable, of up to $100,000 for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans.
Conformity of the Commonwealth's taxation system with the Internal Revenue Code; emergency. Advances Virginia’s date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill adds exceptions to such conformity for suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and for the provisions of the 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, and the limitation on business interest. The bill contains an emergency clause.
Impact statement from TAX (SB1146ER)
Approved by Governor-Chapter 118 (effective 3/15/21)
Governor's Action Deadline 11:59 p.m., March 31, 2021
Enrolled Bill Communicated to Governor on March 15, 2021
Signed by Speaker
Signed by President
Enrolled
Conference substitute printed 21200693D-S2
Emergency clause added
VOTE: Agreed To (95-Y 2-N)
Conference report agreed to by House (95-Y 2-N)
Conference report agreed to by Senate (39-Y 0-N)
Amended by conference committee
Conferees appointed by Senate
Conferees appointed by House
Senate acceded to request (38-Y 0-N)
House insisted on substitute
House requested conference committee
House substitute rejected by Senate (2-Y 37-N)
Read third time
VOTE: Adoption (55-Y 44-N)
Passed House with substitute (55-Y 44-N)
Engrossed by House - committee substitute SB1146H1
Committee substitute agreed to 21200004D-H1
Read second time
Reported from Finance with substitute (13-Y 9-N)
House committee, floor amendments and substitutes offered
Committee substitute printed 21200004D-H1
Impact statement from TAX (SB1146ES1)
Continued to Special Session 1 in Finance
Referred to Committee on Finance
Read first time
Placed on Calendar
Emergency clause deleted
Amendments by Senator Newman agreed to
Reading of amendments waived
Amendments by Senator McDougle rejected (17-Y 22-N)
Reading of amendments waived
Committee substitute agreed to 21103832D-S1
Reading of substitute waived
Senate committee, floor amendments and substitutes offered
Read second time
Passed Senate (39-Y 0-N)
Constitutional reading dispensed (39-Y 0-N)
Printed as engrossed 21103832D-ES1
Engrossed by Senate - committee substitute with amendments SB1146ES1
Reported from Finance and Appropriations with substitute (10-Y 4-N 1-A)
Impact statement from TAX (SB1146S1)
Constitutional reading dispensed (39-Y 0-N)
Incorporates SB1394 (Petersen)
Committee substitute printed 21103832D-S1
Senate committee, floor amendments and substitutes offered
Prefiled and ordered printed with emergency clause; offered 01/13/21 21102155D
Referred to Committee on Finance and Appropriations
Bill Text Versions | Format |
---|---|
Committee substitute printed 21103832D-S1 | HTML |
SB1146ES1 | HTML |
Committee substitute printed 21200004D-H1 | HTML |
Conference substitute printed 21200693D-S2 | HTML |
SB1146ER | HTML |
CHAP0118 | HTML |
Document | Format |
---|---|
Fiscal Impact Statement: SB1146FES1161.PDF | |
Fiscal Impact Statement: SB1146FS1161.PDF | |
Amendment: SB1146ASR | HTML |
Amendment: SB1146AS | HTML |
Amendment: SB1146AC | HTML |
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