The Virginia House Finance Committee advanced eight bills covering corporate income tax reform, a free state tax filing program, a Segal AmeriCorps income subtraction, removal of Confederacy tax exemptions, electric landscaping equipment incentives, federal shutdown property tax relief, a Fairfax charter transient occupancy tax change, and land-use special assessment notice requirements — with most bills passing unanimously and three drawing measurable dissent.
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“This bill provides a beginning and taxable year 2027 for purposes of calculating the Virginia taxable income of corporations. Federal income means any income taxable to the corporation under federal law for such year, excluding net operating loss deductions under federal tax law.”
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Sign in to subscribeOf course, I didn't turn my microphone on. Clerk, please close the roll. We have a quorum. And I would just notice that I, at my request, when we had another meeting that was having to do with Americans with Disabilities act and accommodations, I have asked that captions we move to where we can actually see them. However, I just noticed that although my comment about, well, I never turn my microphone on was picked up in closed captioning, so just saying that for everybody else's comment, that if your microphone's on, you may well be more than just overheard, you'll be recorded with that on the agenda today is first the report from subcommittee one. If you could proceed, Delegate Hernandez. Thank you, Madam Chair. So subcommittee number one met not once but twice on Monday. And we have three bills in our subcommittee report. The first step is HB958 from our Uber Chair Watts, dealing with corporate income tax taxable income. This bill provides a beginning and taxable year 2027 for purposes of calculating the Virginia taxable income of corporations. Federal income means any income taxable to the corporation under federal law for such year, excluding net…
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