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HB971

Commonwealth's taxation system; conformity with the Internal Revenue Code, Rebuild Va. grants, etc.

Status:
Enacted

Chief Patron:
Kathy Byron (R)

Session:
2022 Regular Session

Summary

As Passed House of Origin. Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency.

Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) 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 and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also retroactively allows up to $100,000 of the individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans to certain fiscal filers. The bill also allows full deductibility of expenses paid or incurred with forgiven Paycheck Protection program loan proceeds and expenses paid or incurred with Economic Injury Disaster Loan program funding for taxable year 2021 and thereafter. The bill contains an emergency clause. (Less)

  • Bill History

  • 01/12/2022 - House: Prefiled and ordered printed with emergency clause; offered 01/12/22 22103771D
  • 01/12/2022 - House: Referred to Committee on Finance
  • 01/23/2022 - House: Impact statement from TAX (HB971)
  • 01/26/2022 - House: House committee, floor amendments and substitutes offered
  • 01/26/2022 - House: Reported from Finance with amendment(s) (12-Y 10-N)
  • 01/27/2022 - House: Reconsidered by Finance
  • 01/27/2022 - House: Reported from Finance with amendment(s) (11-Y 10-N)
  • 01/27/2022 - House: Referred to Committee on Appropriations
  • 01/31/2022 - House: House committee, floor amendments and substitutes offered
  • 01/31/2022 - House: Reported from Appropriations with substitute (22-Y 0-N)
  • 01/31/2022 - House: Committee substitute printed 22105507D-H1
  • 02/02/2022 - House: Read first time
  • 02/03/2022 - House: Read second time
  • 02/03/2022 - House: Committee on Finance amendments rejected
  • 02/03/2022 - House: Committee on Appropriations substitute agreed to 22105507D-H1
  • 02/03/2022 - House: Engrossed by House - committee substitute HB971H1
  • 02/04/2022 - House: Read third time and passed House (100-Y 0-N)
  • 02/04/2022 - House: VOTE: Passage Emergency (100-Y 0-N)
  • 02/07/2022 - Senate: Constitutional reading dispensed
  • 02/07/2022 - Senate: Referred to Committee on Finance and Appropriations
  • 02/14/2022 - House: Impact statement from TAX (HB971H1)
  • 02/15/2022 - Senate: Reported from Finance and Appropriations (16-Y 0-N)
  • 02/16/2022 - Senate: Constitutional reading dispensed (39-Y 0-N)
  • 02/17/2022 - Senate: Read third time
  • 02/17/2022 - Senate: Passed Senate (40-Y 0-N)
  • 02/18/2022 - House: Enrolled
  • 02/18/2022 - House: Bill text as passed House and Senate (HB971ER)
  • 02/18/2022 - House: Impact statement from TAX (HB971ER)
  • 02/18/2022 - House: Signed by Speaker
  • 02/18/2022 - Senate: Signed by President
  • 02/21/2022 - House: Enrolled Bill communicated to Governor on February 21, 2022
  • 02/21/2022 - Governor: Governor's Action Deadline 11:59 p.m., February 28, 2022
  • 02/23/2022 - Governor: Approved by Governor-Chapter 3 (effective 2/23/22)
  • 02/23/2022 - Governor: Acts of Assembly Chapter text (CHAP0003)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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