Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
Virginia enacts pass-through entity tax election
On April 11, 2022, Virginia’s Governor approved House Bill 1121 / Senate Bill 692. Under the legislation, qualifying pass-through entities may make an annual election to pay an entity-level state income tax for taxable years beginning on and after January 1, 2021, but before January 1, 2026.
This Multistate Tax Alert summarizes some of the provisions of the Virginia pass-through entity tax election. [Issued: April 12, 2022] More
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