Joe McNamara
- Republican
- Delegate
- District 40
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. This bill is identical to SB 692.
Income taxation; pass-through entities. Permits a qualifying pass-through entity, defined in the bill, to make an annual election in taxable years 2022 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 individual income tax subtraction for taxable years 2022 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 taxation; pass-through entities.Permits a qualifying pass-through entity, defined in the bill, tomake an annual election in taxable years 2021 through 2025 to payan elective income tax at a rate of 5.75 percent, created by thebill, at the entity level for the taxable period covered by the return.The bill also creates a corresponding individual income tax subtraction for taxable years 2021 through 2025 for any amount of income derivedfrom a pass-through entity having Virginia taxable income if suchpass-through entity makes such election and pays the elective incometax imposed at the entity level.
Approved by Governor-Chapter 690 (effective 7/1/22)
Impact statement from TAX (HB1121ER)
Governor's Action Deadline 11:59 p.m., April 11, 2022
Enrolled Bill communicated to Governor on March 22, 2022
Signed by Speaker
Signed by President
Enrolled
Impact statement from TAX (HB1121S1)
Read third time
VOTE: Adoption (99-Y 0-N)
Senate substitute agreed to by House 22106756D-S1 (99-Y 0-N)
Passed Senate with substitute (40-Y 0-N)
Engrossed by Senate - committee substitute HB1121S1
Committee substitute agreed to 22106756D-S1
Reading of substitute waived
Constitutional reading dispensed (40-Y 0-N)
Reported from Finance and Appropriations with substitute (16-Y 0-N)
Committee substitute printed 22106756D-S1
Senate committee, floor amendments and substitutes offered
Impact statement from TAX (HB1121H1)
Constitutional reading dispensed
Referred to Committee on Finance and Appropriations
VOTE: Block Vote Passage (100-Y 0-N)
Read third time and passed House BLOCK VOTE (100-Y 0-N)
Committee substitute agreed to 22106141D-H1
Engrossed by House - committee substitute HB1121H1
Read second time
Read first time
Reported from Appropriations (18-Y 0-N)
Subcommittee recommends reporting with substitute (9-Y 0-N)
Referred to Committee on Appropriations
Committee substitute printed 22106141D-H1
Reported from Finance with substitute (21-Y 0-N)
House committee, floor amendments and substitutes offered
Subcommittee recommends referring to Committee on Appropriations
House subcommittee amendments and substitutes offered
Impact statement from TAX (HB1121)
Assigned Finance sub: Subcommittee #1
Referred to Committee on Finance
Presented and ordered printed 22103362D
Bill Text Versions | Format |
---|---|
Presented and ordered printed 22103362D | PDF HTML |
Committee substitute printed 22106141D-H1 | PDF HTML |
Committee substitute printed 22106756D-S1 | PDF HTML |
HB1121ER | PDF HTML |
CHAP0690 | PDF HTML |
Document | Format |
---|---|
Fiscal Impact Statement: HB1121FER161.PDF | |
Fiscal Impact Statement: HB1121FS1161.PDF | |
Fiscal Impact Statement: HB1121FH1161.PDF | |
Fiscal Impact Statement: HB1121F161.PDF |
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