Adam Ebbin
- Democratic
- Senator
- District 39
Primary
Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to 30 percent the Virginia individual and corporate income tax deduction for business interest disallowed as a deduction under § 163(j) of the Internal Revenue Code for taxable years beginning on and after January 1, 2022. This bill is identical to HB 1006.
Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to 60 percent the Virginia individual and corporate income tax deduction for business interest disallowed as a deduction under § 163(j) of the Internal Revenue Code for taxable years beginning on and after January 1, 2022. The bill also provides that its provisions would not become effective unless the revenue change reasonably anticipated to result from the implementation of this bill is affirmatively accounted for in the total projected revenues set forth in the general appropriation act passed by the General Assembly in 2022 that becomes law.
Virginia taxable income; corporations; deductions;business interest. Increases from 20 percent to 60 percent theVirginia individual and corporate income tax deduction for business interest disallowed as a deduction under ยง 163(j) of the InternalRevenue Code for taxable years beginning on and after January 1, 2022.
Senate sustained Governor's veto
Requires 2/3 affirmative votes to pass in enrolled form
Motion to pass in enrolled form rejected (26-Y 14-N)
Vetoed by Governor
Enrolled Bill Communicated to Governor on March 22, 2022
Governor's Action Deadline 11:59 p.m., April 11, 2022
Impact statement from TAX (SB288ER)
Signed by Speaker
Signed by President
Enrolled
Title replaced 22106923D-H1
House substitute agreed to by Senate (40-Y 0-N)
Read third time
VOTE: Passage (95-Y 4-N)
Passed House with substitute (95-Y 4-N)
Engrossed by House - committee substitute SB288H1
Committee substitute agreed to 22106923D-H1
Passed by for the day
Read second time
House committee, floor amendments and substitutes offered
Committee substitute printed 22106923D-H1
Reported from Finance with substitute (21-Y 0-N)
Referred to Committee on Finance
Read first time
Placed on Calendar
Impact statement from TAX (SB288E)
Read second time
Passed Senate (40-Y 0-N)
Constitutional reading dispensed (40-Y 0-N)
Printed as engrossed 22101948D-E
Engrossed by Senate as amended SB288E
Committee amendment agreed to
Reading of amendment waived
Constitutional reading dispensed (40-Y 0-N)
Reported from Finance and Appropriations with amendment (16-Y 0-N)
Impact statement from TAX (SB288)
Referred to Committee on Finance and Appropriations
Prefiled and ordered printed; offered 01/12/22 22101948D
| Bill Text Versions | Format |
|---|---|
| Prefiled and ordered printed; offered 01/12/22 22101948D | PDF HTML |
| Printed as engrossed 22101948D-E | PDF HTML |
| Committee substitute printed 22106923D-H1 | PDF HTML |
| SB288ER | PDF HTML |
| Document | Format |
|---|---|
| Fiscal Impact Statement: SB288FER161.PDF | |
| Fiscal Impact Statement: SB288FE161.PDF | |
| Fiscal Impact Statement: SB288F161.PDF | |
| Amendment: SB288AS | HTML |
| Amendment: SB288AG | HTML |
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