Virginia 2024 Regular Session Status: In Committee

HB 541 — Income tax, state; deduction for qualified business income.

Last action — Left in Finance

  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 2024 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This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Income tax; deduction for qualified businessincome. Establishes, beginning with tax year 2024, an individualincome tax deduction in an amount equal to 50 percent of certainfederal qualified business income deductions, excluding qualified real estate investment trust dividends.

Bill Text

Action History

  1. Left in Finance

  2. Subcommittee recommends laying on the table (7-Y 1-N)

  3. Assigned Finance sub: Subcommittee #1

  4. Impact statement from TAX (HB541)

  5. Referred to Committee on Finance

  6. Prefiled and ordered printed; offered 01/10/24 24101583D

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

Subcommittee recommends laying on the table (7-Y 1-N)

Passed 7 Yea · 1 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 7101
Total 7101
% of votes cast 78%11%0%11%
How each member voted (9)
Member Party Vote
Debra D. Gardner — Yea
Fowler, Hyland F."Buddy," Jr. — Yea
Joseph P. McNamara — Nay
Karen Keys-Gamarra — Yea
Kathy K.L. Tran — Yea
Mundon King, Candi — Yea
Phil M. Hernandez — Yea
Vivian E. Watts — Not Voting
Will Davis — Yea

Official roll call →

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

What does HB 541 do?
Income tax; deduction for qualified businessincome. Establishes, beginning with tax year 2024, an individualincome tax deduction in an amount equal to 50 percent of certainfederal qualified business income deductions, excluding qualified real estate investment trust dividends.
Who sponsors HB 541?
HB 541 is sponsored by Joseph P. McNamara.
What is the current status of HB 541?
This bill died with 2024 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 541?
Track HB 541 free on One Click Politics — get push/email alerts when it moves.

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