republic-os/legislation/us/states/va/2022/sb-692.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	Income tax, state; pass-through entities, elective tax.	Income taxation; pass-through entities. Permits a qualifying pass-through entity, defined in the bill, to make an annual election in taxable years 2021 through 2025 to pay an elective income tax at a rate of 5.75 percent, created by the bill, at the entity level for the taxable period covered by the return. The bill also (i) creates a corresponding refundable income tax credit for taxable years 2021 through 2025 for any amount of income derived from a pass-through entity having Virginia taxable income if such pass-through entity makes such election and pays the elective income tax imposed at the entity level and (ii) allows an individual to claim a credit for similar taxes paid to other states for taxable years 2021 through 2025. This bill is identical to HB 1121.	us/states/va	Virginia General Assembly	2022	SB 692	Virginia SB 692 (2022)	bill		enacted	J. Chapman Petersen	5	36	7	2022-01-20	2022-04-11	openstates	ocd-bill/abe76775-8393-40f5-9018-d96f81c8dbb1	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+SB692	c0351453bc68f0c521ab7b7d19c9afccab9c788989dcfb06026cea694fad7ad8	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-va

Virginia SB 692 (2022) — Income tax, state; pass-through entities, elective tax.

Income taxation; pass-through entities. Permits a qualifying pass-through entity, defined in the bill, to make an annual election in taxable years 2021 through 2025 to pay an elective income tax at a rate of 5.75 percent, created by the bill, at the entity level for the taxable period covered by the return. The bill also (i) creates a corresponding refundable income tax credit for taxable years 2021 through 2025 for any amount of income derived from a pass-through entity having Virginia taxable income if such pass-through entity makes such election and pays the elective income tax imposed at the entity level and (ii) allows an individual to claim a credit for similar taxes paid to other states for taxable years 2021 through 2025. This bill is identical to HB 1121.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. CHAP0689 (committee substitute) — source
2. Committee substitute printed 22106137D-S1 (committee substitute) — source
3. Committee substitute printed 22106750D-H1 (committee substitute) — source
4. Presented and ordered printed 22104491D (committee substitute) — source
5. SB692ER (committee substitute) — source

Votes

• Reported from Finance with substitute (22-Y 0-N) — 22–0 (pass) · lower
• House substitute agreed to by Senate (40-Y 0-N) — 40–0 (pass) · upper
• Constitutional reading dispensed (40-Y 0-N) — 40–0 (pass) · upper
• Passed Senate (40-Y 0-N) — 40–0 (pass) · upper
• Reported from Finance and Appropriations with substitute (16-Y 0-N) — 16–0 (pass) · upper
• VOTE: Block Vote Passage (100-Y 0-N) — 99–0 (pass) · lower
• Constitutional reading dispensed (38-Y 0-N) — 38–0 (pass) · upper

Sponsors

• J. Chapman Petersen — primary (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2022-01-20 Presented and ordered printed 22104491D introduction
• 2022-01-20 Referred to Committee on Finance and Appropriations referral-committee
• 2022-02-03 Impact statement from TAX (SB692)
• 2022-02-08 Senate committee, floor amendments and substitutes offered
• 2022-02-08 Committee substitute printed 22106137D-S1 substitution
• 2022-02-08 Reported from Finance and Appropriations with substitute (16-Y 0-N) committee-passage
• 2022-02-09 Constitutional reading dispensed (38-Y 0-N)
• 2022-02-10 Read second time reading-2
• 2022-02-10 Reading of substitute waived
• 2022-02-10 Committee substitute agreed to 22106137D-S1
• 2022-02-10 Engrossed by Senate - committee substitute SB692S1
• 2022-02-10 Constitutional reading dispensed (40-Y 0-N)
• 2022-02-10 Passed Senate (40-Y 0-N) passage
• 2022-02-18 Placed on Calendar
• 2022-02-18 Read first time reading-1
• 2022-02-18 Referred to Committee on Finance referral-committee
• 2022-02-18 Impact statement from TAX (SB692S1)
• 2022-02-28 House committee, floor amendments and substitutes offered
• 2022-02-28 Reported from Finance with substitute (22-Y 0-N) committee-passage
• 2022-02-28 Committee substitute printed 22106750D-H1 substitution
• 2022-03-01 Read second time reading-2
• 2022-03-02 Read third time reading-3
• 2022-03-02 Committee substitute agreed to 22106750D-H1
• 2022-03-02 Engrossed by House - committee substitute SB692H1
• 2022-03-02 Passed House with substitute BLOCK VOTE (100-Y 0-N) passage
• 2022-03-02 VOTE: Block Vote Passage (100-Y 0-N)
• 2022-03-02 House substitute agreed to by Senate (40-Y 0-N)
• 2022-03-02 Title replaced 22106750D-H1
• 2022-03-04 Impact statement from TAX (SB692H1)
• 2022-03-07 Enrolled
• 2022-03-08 Signed by President
• 2022-03-08 Signed by Speaker
• 2022-03-22 Enrolled Bill Communicated to Governor on March 22, 2022
• 2022-03-22 Governor's Action Deadline 11:59 p.m., April 11, 2022
• 2022-03-23 Impact statement from TAX (SB692ER)
• 2022-04-11 Approved by Governor-Chapter 689 (effective 7/1/22) executive-signature

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/abe76775-8393-40f5-9018-d96f81c8dbb1. Confidence: reported (aggregated from official Virginia legislature records).