HB352:

Income tax, state and corporate; business interest.

Bill 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 as
a deduction under § 163(j) of the Internal Revenue Code for taxable
years beginning on and after January 1, 2022. The bill provides that
for any taxpayer filing a separate return or as part of a combined
return who is part of a federal consolidated group that does not
report an interest expense limitation under § 163(j) of the Internal
Revenue Code on its federal consolidated return in the taxable year,
the deduction allowed shall be 100 percent.