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Summary:
A BILL to amend and reenact §§ 58.1-416, as it is currently effective and as it may become effective, 58.1-419, 58.1-422.4, and 58.1-422.5 of the Code of Virginia; to amend the Code of Virginia by adding a section numbered 58.1-416.1; and to repeal the third enactments of Chapters 256 and 257 of the Acts of Assembly of 2022, relating to sourcing of certain sales.
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Summary:
A BILL to amend and reenact §§ 58.1-321, 58.1-322.03, 58.1-332, 58.1-339.8, 58.1-339.13, 58.1-390.3, 58.1-405.1, 58.1-408, 58.1-439, 58.1-439.6:1, 58.1-439.7, 58.1-439.12:04, 58.1-439.12:05, 58.1-439.12:08, 58.1-439.12:11, 58.1-609.1, 58.1-609.6, and 58.1-609.10 of the Code of Virginia, relating to taxation; extension of expiring sunsets; one-year extension for exemptions set to expire for taxable year 2025; exemptions for discharged loans for eligible veterans; credit for amounts paid to another state for income tax paid by a pass-through entity; deduction for eligible educator expenses; subtractions from property and payroll apportionment factors for eligible companies; elections to be taxed at entity level for eligible owners of a pass-through entities; tax credits for reforestation and afforestation, low-income taxpayers, major business facility jobs, worker training, purchase of machinery and equipment used for advanced recycling and processing recyclable materials, green and alternative energy job creation, research and development expenses, major research and development expenses, and participating landlords renting qualified housing units in eligible non-metropolitan census tracts; exemption from sales and use taxation for certain printed materials purchased from an advertising business, parts, engines, and supplies for aviation component parts, prescription medicines and drugs purchased by veterinarians, and gold, silver, or platinum bullion or legal tender coins.
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Summary:
A BILL to amend and reenact §§ 46.2-694, as it is currently effective and as it may become effective, 58.1-608.3, and 58.1-609.3 of the Code of Virginia and to amend the Code of Virginia by adding in Chapter 8 of Title 58.1 a section numbered 58.1-818 and by adding a section numbered 58.1-2295.2, relating to codification of tax preferences in effect pursuant to the appropriation act.
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