Virginia 2022 Regular Session Status: In Committee

HB 352 — Income tax, state and corporate; business interest.

Last action — Left in Finance

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House of Delegates
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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 Text

Action History

  1. Left in Finance

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

  3. Impact statement from TAX (HB352)

  4. Assigned Finance sub: Subcommittee #1

  5. Referred to Committee on Finance

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

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subjects

taxation
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Frequently asked questions

What does HB 352 do?
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.
Who sponsors HB 352?
HB 352 is sponsored by Vivian E. Watts.
What is the current status of HB 352?
This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 352?
Track HB 352 free on One Click Politics — get push/email alerts when it moves.

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