VirginiaHB26812025 Regular SessionHouse

Net operating losses; TAX, et al., to analyze treatment in Va. when compared to other states.

Sponsored By: Jason S. Ballard (Republican)

Failed

Summary

Department of Taxation; corporate tax returns involving net operating losses; work group; report. Directs the Department of Taxation to convene a work group composed of tax practitioners experienced in the preparation of corporate tax returns involving net operating losses to study the treatment of net operating losses in Virginia when compared to other states and to make recommendations to simplify such treatment in Virginia. The bill directs the work group to complete its meetings by October 1, 2025, and the Department to submit a report of the work group's findings and recommendations to the Chairmen of the Senate Committee on Finance and Appropriations, the House Committee on Finance, and the House Committee on Appropriations by November 1, 2025.

Finance and Appropriations

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Jason S. Ballard

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 238 • No: 0

Senate vote • 2/11/2025

Passed by indefinitely in Finance and Appropriations

Yes: 13 • No: 0

House vote • 2/4/2025

Read third time and passed House Block Vote

Yes: 97 • No: 0

House vote • 2/4/2025

Passed House Block Vote

Yes: 99 • No: 0

House vote • 1/29/2025

Reported from Finance with substitute

Yes: 22 • No: 0

House vote • 1/28/2025

Subcommittee recommends reporting with substitute

Yes: 7 • No: 0

Actions Timeline

  1. Passed by indefinitely in Finance and Appropriations (13-Y 0-N)

    2/11/2025Senate
  2. Impact statement from TAX (HB2681)

    2/6/2025House
  3. Referred to Committee on Finance and Appropriations

    2/5/2025Senate
  4. Constitutional reading dispensed (on 1st reading)

    2/5/2025Senate
  5. Passed House Block Vote (99-Y 0-N)

    2/4/2025House
  6. Reconsideration of passage agreed to by House

    2/4/2025House
  7. Read third time and passed House Block Vote (97-Y 0-N)

    2/4/2025House
  8. Engrossed by House - committee substitute

    2/3/2025House
  9. Finance Substitute agreed to

    2/3/2025House
  10. Read second time

    2/3/2025House
  11. Read first time

    1/31/2025House
  12. Committee substitute printed 25106127D-H1

    1/29/2025House
  13. Reported from Finance with substitute (22-Y 0-N)

    1/29/2025House
  14. Subcommittee recommends reporting with substitute (7-Y 0-N)

    1/28/2025House
  15. Impact statement from TAX (HB2681)

    1/26/2025House
  16. Assigned Finance sub: Subcommittee #2

    1/25/2025House
  17. Referred to Committee on Finance

    1/16/2025House
  18. Presented and ordered printed 25104650D

    1/16/2025House

Bill Text

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