Virginia · 2025 Regular Session · Bill
SB 1426: Income tax, corporate and state; defines "entire net income."
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 1426 is a bill introduced in the Virginia Senate on January 16, 2025. According to its official title, it concerns: Income tax, corporate and state; defines "entire net income.". Primary sponsor: Lamont Bagby (Democratic). Most recent recorded action (February 5, 2025): Left in Finance and Appropriations.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
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.
Sponsors
Sponsors by party (alphabetical): Democratic 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Lamont Bagby | Primary sponsor | Democratic | Senate | 14 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Left in Finance and Appropriations
- Impact statement from TAX (SB1426)
- Referred to Committee on Finance and Appropriations
- Presented and ordered printed 25104676D