SB288:

Income tax, state and corporate; deduction for business interest disallowed.

Bill Summary:

Virginia taxable income; corporations; deductions; business interest. Increases from 20 percent to 30 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. This bill is identical to HB 1006.