Virginia 2023 Regular Session Status: Enacted

SB 882 — Internal Revenue Code; conformity of the Commonwealth's taxation system.

Last action — Acts of Assembly Chapter text (CHAP0001)

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

This bill has been enacted into law. Introduced January 03, 2023. Enacted.

Signed by Governor Glenn Youngkin (Republican) on February 27, 2023.

Prognosis

Advancing 38% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Failed a recorded vote

    Failed 5 recorded votes so far — a real headwind.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

58 added · 57 removed

Plain-language change summary

The amendment to § 58.1-301 of the Code of Virginia updates the reference date for conformity with the Internal Revenue Code from December 31, 2021, to December 31, 2022. This means that Virginia's taxation system will now align with the federal income tax provisions as they existed at the end of 2022, rather than at the end of 2021. The change is significant as it affects how certain federal tax provisions are incorporated into Virginia's tax laws, potentially impacting tax calculations for residents.

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SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY –– CHAPTER E An Act to amend and reenact § 58.1-301 of the Code of Virginia, relating to conformity of the N Commonwealth's taxation system with the Internal Revenue Code;
VIRGINIA ACTS OF ASSEMBLY -- 2023 SESSION CHAPTER 1 An Act to amend and reenact § 58.1-301 of the Code of Virginia, relating to conformity of the Commonwealth's taxation system with the Internal Revenue Code;
R O [S 882] Approved L L Be it enacted by the General Assembly of Virginia:
[S 882] Approved February 27, 2023 Be it enacted by the General Assembly of Virginia:
E § 58.1-301.
§ 58.1-301.
D in the laws of the United States relating to federal income taxes, unless a different meaning is clearly required.
A.
Any term used in this chapter shall have the same meaning as when used in a comparable context in the laws of the United States relating to federal income taxes, unless a different meaning is clearly required.
Any reference in this chapter to the laws of the United States relating to federal income taxes shall mean the provisions of the Internal Revenue Code of 1954, and amendments thereto, and other provisions of the laws of the United States relating to federal income taxes, as they existed on December 31, 2021 2022, except for:
Any reference in this chapter to the laws of the United States relating to federal income taxes provisions of the laws of the United States relating to federal income taxes, as they existed onr December 31, 2021 2022, except for:
The special depreciation allowance for certain property provided for under §§ 168(k), 168Bl), 168(m), 1400L, and 1400N of the Internal Revenue Code;
The special depreciation allowance for certain property provided for under §§ 168(k), 168(l), 168(m), 1400L, and 1400N of the Internal Revenue Code;
8 Revenue Code;ry-back of certain net operating losses for five years under § 172(b)(1)(H) of theEInternal 3.
2.
The carry-back of certain net operating losses for five years under § 172(b)(1)(H) of the Internal Revenue Code;
3.
For Virginia income tax purposes, income from the discharge of indebtedness in connection with the reacquisition of an "applicable debt instrument" (as defined under § 108(i) of the Internal Revenue Code) reacquired in the taxable year shall be fully included in the taxpayer's Virginia taxable income for the taxable year, unless the taxpayer elects to include such income in the taxpayer's Virginia taxable income ratably over a 2009, or over a three-taxable-year period beginning with taxable year 2010 for transactions completed in taxable year 2010 on or before April 21, 2010.
For Virginia income tax purposes, income from the discharge of indebtedness in connection with the reacquisition of an "applicable debt instrument" (as defined under § 108(i) of the Internal Revenue Code) reacquired in the taxable year shall be fully included in the taxpayer's Virginia taxable income for the taxable year, unless the taxpayer elects to include such income in the taxpayer's Virginia taxable income ratably over a three-taxable-year period beginning with taxable year 2009 for transactions completed in taxable year 2009, or over a three-taxable-year period beginning with taxable year 2010 for transactions completed in taxable year 2010 on or before April 21, 2010.
For taxable years beginning on and after January 1, 2017, but before January 1, 2018, and for threshold set forth in § 213(a) of the Internal Revenue Code that is used for purposes of computing the deduction allowed for expenses for medical care pursuant to § 213 of the Internal Revenue Code.
For taxable years beginning on and after January 1, 2017, but before January 1, 2018, and for taxable years beginning on and after January 1, 2019, the 7.5 percent of federal adjusted gross income threshold set forth in § 213(a) of the Internal Revenue Code that is used for purposes of computing the deduction allowed for expenses for medical care pursuant to § 213 of the Internal Revenue Code.
The provisions of § 2304(a) of the federal Coronavirus Aid, Relief, and Economic Security Act, P.L9.
The provisions of § 2304(a) of the federal Coronavirus Aid, Relief, and Economic Security Act, P.L.
116-136 (2020), related to a loss limitation applicable to taxpayers other than corporations;
9.
The Department of Taxation is hereby authorized to develop procedures or guidelines for the provisions of the Administrative Process Act (§ 2.2-4000 et seq.).guidelines shall be exempt from 2.
The Department of Taxation is hereby authorized to develop procedures or guidelines for implementation of the provisions of this section, which procedures or guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.).
That the provisions of Chapters 6 and 18 of the Acts of Assembly of 2022, Special Session I, of 2 shall become effective upon passage of this act.
2.
That the provisions of Chapters 6 and 18 of the Acts of Assembly of 2022, Special Session I, shall become effective upon passage of this act.
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Action History

  1. Acts of Assembly Chapter text (CHAP0001)

  2. Approved by Governor-Chapter 1 (effective 2/27/23)

  3. Governor's Action Deadline 11:59 p.m., March 27, 2023

  4. Enrolled Bill Communicated to Governor on February 27, 2023

  5. Signed by President

  6. Impact statement from TAX (SB882ER)

  7. Signed by Speaker

  8. Bill text as passed Senate and House (SB882ER)

  9. Enrolled

  10. VOTE: Block Vote Passage (99-Y 0-N)

  11. Passed House BLOCK VOTE (99-Y 0-N)

  12. Read third time

  13. Read second time

  14. Reported from Finance (21-Y 0-N)

  15. Impact statement from TAX (SB882E)

  16. Referred to Committee on Finance

  17. Read first time

  18. Placed on Calendar

  19. Read third time and passed Senate (40-Y 0-N)

  20. Printed as engrossed 23101203D-E

  21. Engrossed by Senate as amended SB882E

  22. Committee amendment agreed to

  23. Reading of amendment waived

  24. Read second time

  25. Constitutional reading dispensed (39-Y 0-N)

  26. Reported from Finance and Appropriations with amendment (16-Y 0-N)

  27. Senate committee, floor amendments and substitutes offered

  28. Impact statement from TAX (SB882)

  29. Referred to Committee on Finance and Appropriations

  30. Prefiled and ordered printed with emergency clause; offered 01/11/23 23101203D

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.

Show all 147 →

"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
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 882?
SB 882 is sponsored by Howell, Janet D..
What is the current status of SB 882?
This bill has been enacted into law. Introduced January 03, 2023. Enacted.
Where can I track SB 882?
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