HB 2681: Net operating losses; TAX, et al., to analyze treatment in Va. when compared to other states.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

Sponsors by party (alphabetical): Republican 2

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. February 11, 2025Passed by indefinitely in Finance and Appropriations (13-Y 0-N)
2. February 6, 2025Impact statement from TAX (HB2681)
3. February 5, 2025Referred to Committee on Finance and Appropriations
4. February 5, 2025Constitutional reading dispensed (on 1st reading)
5. February 4, 2025Passed House (99-Y 0-N)
6. February 4, 2025Reconsideration of passage agreed to by House
7. February 4, 2025Read third time and passed House (97-Y 0-N)
8. February 3, 2025Engrossed by House - committee substitute
9. February 3, 2025Finance Substitute agreed to
10. February 3, 2025Read second time
11. January 31, 2025Read first time
12. January 29, 2025Committee substitute printed 25106127D-H1

Showing 12 most recent of 18 actions. Full history