# Virginia SB1426: Income tax, corporate and state; defines "entire net income."

Virginia SB1426, Income tax, corporate and state; defines "entire net income.", is a 2025 Regular Session Senate bill sponsored by Lamont Bagby (Democratic); status failed, last action 2025-02-05 (Left in Finance and Appropriations) (as of 2026-10-17).

- Canonical: https://policyrisk.com/state-bill/VA-SB1426-2025
- As of: 2026-10-17
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia SB1426
- State: Virginia
- Session: 2025 Regular Session
- Title: Income tax, corporate and state; defines "entire net income."
- Status: failed
- Chamber: Senate
- Introduced: 2025-01-16
- Last action: 2025-02-05, Left in Finance and Appropriations
- Sponsor: Lamont Bagby (Democratic)
- Cosponsors: 0
- Subjects: Finance and Appropriations
- Touches household money: no
- Economic provisions PRIA read: 0

## Summary

Corporate income tax; Virginia taxable income; definitions. Defines, for purposes of income tax, "entire net income" as the total net income from all sources that a taxpayer is required to report for purposes of the federal income tax. The bill further defines "net operating loss" as the excess of any allowable income tax deductions over the gross income used in computing entire net income.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Lamont Bagby (Democratic), Senate

## Actions (4)

- 2025-02-05: Left in Finance and Appropriations (Senate)
- 2025-01-28: Impact statement from TAX (SB1426) (Senate)
- 2025-01-16: Referred to Committee on Finance and Appropriations (Senate)
- 2025-01-16: Presented and ordered printed 25104676D (Senate)

## Bill text

- Substitute, 2025-02-03: [HTML](https://lis.blob.core.windows.net/files/1038417.HTML), [PDF](https://lis.blob.core.windows.net/files/1038416.PDF)
- Introduced, 2025-01-16: [HTML](https://lis.blob.core.windows.net/files/1021772.HTML), [PDF](https://lis.blob.core.windows.net/files/1021771.PDF)

## Related bills

- HR671: Commending JR's Auto Care. (adopted)
- SB941: Robbery; use of air or gas operated weapon, etc., penalty. (failed)
- HB1746: Public safety officer; definition. (failed)
- HB1600: Budget Bill. (failed)
- SB1449: Data centers; site assessment for high energy use facility. (failed)
- HB1609: Essential health benefits benchmark plan; Commission to consider coverage for infertility treatment. (to governor)

## Sources
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1038417.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1038416.PDF)
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1021772.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1021771.PDF)

## Related
- [HR671: Commending JR's Auto Care.](https://policyrisk.com/state-bill/VA-HR671-2025)
- [SB941: Robbery; use of air or gas operated weapon, etc., penalty.](https://policyrisk.com/state-bill/VA-SB941-2025)
- [HB1746: Public safety officer; definition.](https://policyrisk.com/state-bill/VA-HB1746-2025)
- [HB1600: Budget Bill.](https://policyrisk.com/state-bill/VA-HB1600-2025)
- [SB1449: Data centers; site assessment for high energy use facility.](https://policyrisk.com/state-bill/VA-SB1449-2025)
- [HB1609: Essential health benefits benchmark plan; Commission to consider coverage for i…](https://policyrisk.com/state-bill/VA-HB1609-2025)
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- [Virginia state hub](https://policyrisk.com/states/virginia)
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Source: PRIA, https://policyrisk.com/state-bill/VA-SB1426-2025 (as of 2026-10-17).