Commonwealth's taxation system; conformity with the Internal Revenue Code, etc.
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SB 583 — Commonwealth's taxation system; conformity with the Internal Revenue Code, etc.
Last action — Incorporated by Finance and Appropriations (SB94-Howell) (16-Y 0-N)
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House of Delegates
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5To Executive
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6Enacted
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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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
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 increases from $100,000 to $1 million the maximum individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans for taxable year 2020. The bill contains an emergency clause.
Bill Text
- Prefiled Prefiled and ordered printed with emergency clause; offered 01/12/22 22103772D Current pdf January 12, 2022
Action History
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Incorporated by Finance and Appropriations (SB94-Howell) (16-Y 0-N)
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Impact statement from TAX (SB583)
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Referred to Committee on Finance and Appropriations
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Prefiled and ordered printed with emergency clause; offered 01/12/22 22103772D
Sponsors
- Ruff, Frank M., Jr. · Cosponsor
- Stephen D. Newman · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 1 co-sponsors · 146 not signed on
Sponsors (1)
Co-sponsors (1)
Not signed on (146)
146 members have not signed on to this bill.
Show all 146 →"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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 16 | 0 | 0 | 0 |
| Total | 16 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (16)
| Member | Party | Vote |
|---|---|---|
| McClellan, Jennifer L. | — | Yea |
| Barker, George L. | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Edwards, John S. | — | Yea |
| Hanger, Emmett W., Jr. | — | Yea |
| Howell, Janet D. | — | Yea |
| L. Louise Lucas | — | Yea |
| Mamie E. Locke | — | Yea |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| Petersen, J. Chapman | — | Yea |
| R. Creigh Deeds | — | Yea |
| Ruff, Frank M., Jr. | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Vogel, Jill Holtzman | — | Yea |
Subjects
Frequently asked questions
- What does SB 583 do?
- 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 increases from $100,000 to $1 million the maximum individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans for taxable year 2020. The bill contains an emergency clause.
- Who sponsors SB 583?
- SB 583 is sponsored by Ruff, Frank M., Jr. and Newman, Stephen D..
- What is the current status of SB 583?
- 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 SB 583?
- Track SB 583 free on One Click Politics — get push/email alerts when it moves.
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