Summary: Family caregiver tax credit. Creates a nonrefundableincome tax credit for taxable years 2022 through 2026 for expensesincurred by an individual in caring for an eligible family member,defined in the bill, who requires assistance with one or more activitiesof daily living, also defined in the bill. The credit equals 50 percentof eligible expenditures incurred by the caregiver up to $1,000. Inorder to qualify for the credit, the family caregiver must (i) notreceive any compensation or reimbursement for the eligible expendituresand (ii) have federal adjusted gross income that is no greater than$100,000 for an individual or $200,000 for married persons. The billrequires the Tax Commissioner to establish guidelines for claimingthe credit and provides that any unused credit may be carried forwardby the taxpayer for five taxable years following the taxable yearfor which the credit was issued. The bill is a recommendation ofthe Joint Commission on Health Care.

Summary: Tax credit for participating landlords. Expands the tax credit for participating landlords to all census tracts in Virginia in which less than 10 percent of the residents live below the poverty level. Under current law, the credit is limited to census tracts in the Richmond Metropolitan Statistical Area, the Washington-Arlington-Alexandria Metropolitan Statistical Area, or the Virginia Beach-Norfolk-Newport News Metropolitan Statistical Area in which less than 10 percent of the residents live below the poverty level.

Summary: Income tax credit; conversion to employee ownership.Creates a nonrefundable, one-time individual and corporate incometax credit for an eligible business that (i) transfers whole or partial ownership to employees in the form of a worker cooperative,an employee stock ownership plan, an employee ownership trust, anemployee equity grant program, or an employee stock purchase planor (ii) is conducting a feasibility study for a transition to suchemployee ownership models. The credit is available for taxable years2022 through 2026, is equal to up to $5,000 per eligible businessthat transfers ownership to employees or incurs costs for conductinga feasibility study for transferring ownership to employees duringthe taxable year, and includes an aggregate annual cap of $5 million.

Summary: Certified pollution control equipment; certificationby subdivisions. Provides that for pollution control equipmentto be used as part of a political subdivision's water, wastewater,stormwater, or solid waste management facilities or systems, suchequipment may be certified by the political subdivision itself insteadof by the state certifying authority. This bill is identical to SB684.

Summary: Appeal of local tax assessments. Clarifiesthe procedure by which a taxpayer aggrieved by any local tax assessmentmay seek relief by providing that (i) the necessary parties in sucha proceeding shall be the taxpayer and the locality; (ii) the taxpayermay show that the property was assessed at more or less than its fairmarket value; and (iii) the county or city attorney or, if none, theattorney for the Commonwealth shall defend the locality in any suchproceeding.

Summary: Land use assessment; forms. Provides that the forms used for revalidation of applications for land use assessment shall be prepared by the Department of Taxation. Under current law, such forms are prepared by the locality. The bill directs the Department to seek input from localities across the Commonwealth in developing such forms.

Summary: Retail sales and use tax; exemption for medicine and drugs purchased by veterinarians. Exempts veterinarians from sales and use tax on the purchase of prescription medicines and drugs that are administered or dispensed to patients within a veterinarian-client-patient relationship. The bill repeals provisions of current law that provide that a veterinarian dispensing or selling medicines or drugs on prescription shall be deemed to be the user or consumer of all such medicines and drugs. The bill provides that the exemption shall be in effect from July 1, 2022, until July 1, 2025. This bill is identical to SB 517.

Summary: Vehicle registration; personal property taxrelief. Requires the application for vehicle registration toinclude any additional information necessary to determine if a vehicleis a qualifying vehicle for the purpose of personal property taxrelief. The bill requires vehicles held in a trust to be evaluated in the same manner as vehicles owned by a natural person.

Summary: Property tax; data centers. Provides that if data center fixtures are taxed as part of the real property where they are located, they shall be valued based on depreciated reproduction or replacement cost, rather than based on the amount of income they generate. This bill is identical to SB 513.

Summary: Sales and use tax; media-related exemptions. Makes changes to the sales and use tax exemption for amplification, transmission, and distribution equipment used to provide Internet services. Under the bill, the exemption would apply to network equipment used to provide Internet service, regardless of whether the provider of such service is also a telephone common carrier or whether such network is also used to provide services other than Internet services. This bill is identical to SB 683.

Summary: Real property tax; exemption for disabled veteransand surviving spouses. Provides that a person who is eligiblefor the real property tax exemption for certain disabled veteransand surviving spouses is entitled to a refund, retroactive to hisdate of eligibility, of taxes paid during the period of exemption, excluding interest or penalties. Under the bill, the refund is exempt from the statute of limitations for applications for correction ofan assessment.

Summary: Retirement and taxation; obsolete and not setout sections. Sets out a section in Title 51.1 (Pensions, Benefits,and Retirement) that is currently carried by reference only. Thebill also repeals three obsolete sections in Title 58.1 (Taxation).The bill contains technical amendments. This bill is a recommendationof the Virginia Code Commission.

Summary: Conformity of the Commonwealth's taxation system with the Internal Revenue Code; Rebuild Virginia grants and Paycheck Protection Program loans; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2020, to December 31, 2021. The bill also deconforms from provisions of the (i) federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, the limitation on business interest, and certain loan forgiveness and other business financial assistance and (ii) federal American Rescue Plan Act related to restaurant revitalization grants and emergency injury disaster loans received for taxable years beginning before January 1, 2021. The bill also retroactively allows up to $100,000 of the individual and corporate income tax deduction or subtraction, as applicable, for Rebuild Virginia grants and certain amounts related to Paycheck Protection Program loans to certain fiscal filers. The bill also allows full deductibility of expenses paid or incurred with forgiven Paycheck Protection Program loan proceeds and expenses paid or incurred with Economic Injury Disaster Loan program funding for taxable year 2021 and thereafter. The bill contains an emergency clause.

Summary: Conformity of the Commonwealth's taxation systemwith the Internal Revenue Code; emergency. Advances Virginia'sdate of conformity with the Internal Revenue Code from December 31,2020, to December 31, 2021. The bill also deconforms from provisionsof the (i) federal Coronavirus Aid, Relief, and Economic SecurityAct (CARES Act) related to the net operating loss limitation andcarryback, a loss limitation applicable to taxpayers other than corporations,the limitation on business interest, and certain loan forgivenessand other business financial assistance and (ii) federal AmericanRescue Plan Act related to restaurant revitalization grants and emergencyinjury disaster loans received for taxable years beginning beforeJanuary 1, 2021. The bill contains an emergency clause.