VA HB 958
Status unknownIncome tax, corporate; taxable income, net operating loss.
Virginia · 2026 Regular Session · lower
Quick answers
Did VA HB 958 pass?
The current status of VA HB 958 is not known from the official record. Latest recorded action (2026-03-03): Continued to next session in Finance and Appropriations (14-Y 1-N)
What is VA HB 958 about?
Corporate income tax; taxable income; net operating loss. Provides that, beginning in taxable year 2027, for purposes of calculating the Virginia taxable income of corporations, federal income means any income taxable to the corporation under federal law for such year excluding net operating loss deductions under federal tax law. The bill also creates a Virginia corporate income tax net operating loss deduction, beginning in taxable year 2027, in an amount equal to the aggregate Virginia net operating losses for such taxable year, plus any transitional net operating loss deduction, pursuant to a calculation in the bill, and subject to certain other adjustments in the bill. The bill also prohibits a corporation's Virginia taxable income, after all other adjustments, allocation, and apportionment, from being reduced below zero by a Virginia net operating loss deduction. The bill also includes particular procedures for corporate income tax returns prepared on a consolidated or a combined basis. Finally, the bill directs the Department of Taxation to issue preliminary guidelines implementing the provisions of the bill and to cooperate with and seek counsel from interested stakeholders before issuing its final guidelines. The bill has a delayed effective date of January 1, 2027.
Who sponsors VA HB 958?
Vivian E. Watts is the primary sponsor of VA HB 958.
Description
Corporate income tax; taxable income; net operating loss. Provides that, beginning in taxable year 2027, for purposes of calculating the Virginia taxable income of corporations, federal income means any income taxable to the corporation under federal law for such year excluding net operating loss deductions under federal tax law. The bill also creates a Virginia corporate income tax net operating loss deduction, beginning in taxable year 2027, in an amount equal to the aggregate Virginia net operating losses for such taxable year, plus any transitional net operating loss deduction, pursuant to a calculation in the bill, and subject to certain other adjustments in the bill. The bill also prohibits a corporation's Virginia taxable income, after all other adjustments, allocation, and apportionment, from being reduced below zero by a Virginia net operating loss deduction. The bill also includes particular procedures for corporate income tax returns prepared on a consolidated or a combined basis. Finally, the bill directs the Department of Taxation to issue preliminary guidelines implementing the provisions of the bill and to cooperate with and seek counsel from interested stakeholders before issuing its final guidelines. The bill has a delayed effective date of January 1, 2027.
- Introduced
- 2026-01-13
- Latest action
- 2026-03-03 — Continued to next session in Finance and Appropriations (14-Y 1-N)
- Bill type
- bill
- Last updated
- —
Sponsors
- Vivian E. Wattsprimary
Committees
Not provided by source.
Action timeline
2026-01-13
Prefiled and ordered printed; Offered 01-14-2026 26102351D
filing,introduction
2026-01-13
Referred to Committee on Finance
referral-committee
2026-02-01
Fiscal Impact statement From TAX (2/1/2026 11:34 pm)
2026-02-02
Subcommittee recommends reporting (9-Y 0-N)
2026-02-04
Reported from Finance (22-Y 0-N)
committee-passage
2026-02-06
Read first time
reading-1
2026-02-09
Read second time and engrossed
reading-2
2026-02-10
Moved from Uncontested Calendar to Regular Calendar
2026-02-10
Read third time and passed House (96-Y 1-N 1-A)
passage,reading-3
2026-02-11
Constitutional reading dispensed (on 1st reading)
2026-02-11
Referred to Committee on Finance and Appropriations
referral-committee
2026-03-03
Continued to next session in Finance and Appropriations (14-Y 1-N)
Versions
Documents
Votes
Subcommittee recommends reporting
2026-02-02 · pass · 9-0
Member-level votes (11)
- Phil M. Hernandez: yes
- Bonita G. Anthony: not voting
- Katrina Callsen: yes
- Debra D. Gardner: yes
- Michelle Lopes Maldonado: yes
- Kimberly Pope Adams: yes
- Gretchen M. Bulova: yes
- Hyland F. "Buddy" Fowler, Jr.: yes
- Joseph P. McNamara: not voting
- Will Davis: yes
- Vivian E. Watts: yes
Reported from Finance
2026-02-04 · pass · 22-0
Member-level votes (22)
- Vivian E. Watts: yes
- Phil M. Hernandez: yes
- Richard C. "Rip" Sullivan, Jr.: yes
- Elizabeth B. Bennett-Parker: yes
- Bonita G. Anthony: yes
- Katrina Callsen: yes
- Debra D. Gardner: yes
- Karen Keys-Gamarra: yes
- Michelle Lopes Maldonado: yes
- Kimberly Pope Adams: yes
- Nicole Cole: yes
- Stacey Annie Carroll: yes
- Lindsey Dougherty: yes
- Margaret A. Franklin: yes
- Gretchen M. Bulova: yes
- R. Lee Ware: yes
- Hyland F. "Buddy" Fowler, Jr.: yes
- Joseph P. McNamara: yes
- Wendell S. Walker: yes
- Chris S. Runion: yes
- Thomas A. Garrett, Jr.: yes
- Will Davis: yes
H VOTE:
2026-02-10 · pass · 96-1
Member-level votes (100)
- Dan I. Helmer: yes
- Rozia A. Henson, Jr.: yes
- Phil M. Hernandez: yes
- Charniele L. Herring: yes
- M. Keith Hodges: yes
- Patrick A. Hope: yes
- Hillary Pugh Kent: yes
- Karen Keys-Gamarra: yes
- Terry G. Kilgore: yes
- Barry D. Knight: not voting
- Paul E. Krizek: yes
- Amy J. Laufer: yes
- James A. "Jay" Leftwich: yes
- Destiny LeVere Bolling: yes
- Alfonso H. Lopez: yes
- Michelle Lopes Maldonado: yes
- Marty Martinez: yes
- John Chilton McAuliff: yes
- Adele Y. McClure: yes
- Garrett McGuire: abstain
- Ellen H. McLaughlin: yes
- Joseph P. McNamara: yes
- Delores L. McQuinn: yes
- Leslie Chambers Mehta: yes
- James W. Morefield: yes
- May Nivar: yes
- Delores Oates: yes
- Israel D. O'Quinn: yes
- Justin Pence: yes
- Eric Phillips: yes
- Kimberly Pope Adams: yes
- Marcia S. "Cia" Price: yes
- Sam Rasoul: yes
- Atoosa R. Reaser: yes
- David A. Reid: yes
- Chris S. Runion: yes
- Charlie Schmidt: yes
- Don Scott: yes
- Phillip A. Scott: yes
- Holly M. Seibold: yes
- Briana D. Sewell: yes
- Irene Shin: yes
- Marcus B. Simon: yes
- Shelly A. Simonds: yes
- JJ Singh: yes
- Richard C. "Rip" Sullivan, Jr.: yes
- Anne Ferrell Tata: yes
- Joshua E. Thomas: yes
- Virgil Thornton: yes
- Luke E. Torian: yes
- Kathy K.L. Tran: yes
- H. Otto Wachsmann, Jr.: yes
- Wendell S. Walker: yes
- Jeion A. Ward: yes
- R. Lee Ware: yes
- Vivian E. Watts: yes
- Michael J. Webert: yes
- Madison Whittle: yes
- Bill Wiley: yes
- Rodney T. Willett: yes
- Wren M. Williams: yes
- Tony O. Wilt: yes
- Thomas C. Wright, Jr.: yes
- Scott A. Wyatt: yes
- Eric R. Zehr: no
- Jessica L. Anderson: yes
- Bonita G. Anthony: yes
- Alex Q. Askew: yes
- Terry L. Austin: yes
- Jason S. Ballard: yes
- Elizabeth B. Bennett-Parker: not voting
- Robert S. Bloxom, Jr.: yes
- Gretchen M. Bulova: yes
- Katrina Callsen: yes
- Karen R. "Kacey" Carnegie: yes
- Betsy B. Carr: yes
- Stacey Annie Carroll: yes
- Mike A. Cherry: yes
- Nadarius E. Clark: yes
- Laura Jane Cohen: yes
- Joshua G. Cole: yes
- Nicole Cole: yes
- Kelly K. Convirs-Fowler: yes
- Mitchell Cornett: yes
- Rae Cousins: yes
- Will Davis: yes
- Karrie K. Delaney: yes
- Lindsey Dougherty: yes
- Mark C. Downey: yes
- Michael B. Feggans: yes
- Hyland F. "Buddy" Fowler, Jr.: yes
- Lily V. Franklin: yes
- Margaret A. Franklin: yes
- Debra D. Gardner: yes
- Thomas A. Garrett, Jr.: yes
- Jackie H. Glass: yes
- Timothy P. Griffin: yes
- Elizabeth R. Guzman: yes
- Karen Hamilton: yes
- C.E. Cliff Hayes, Jr.: yes
Continued to next session in Finance and Appropriations
2026-03-03 · pass · 14-1
Member-level votes (15)
- L. Louise Lucas: yes
- R. Creigh Deeds: yes
- Mamie E. Locke: yes
- Ryan T. McDougle: no
- Mark D. Obenshain: yes
- Richard H. Stuart: yes
- Bryce E. Reeves: yes
- Barbara A. Favola: yes
- Scott A. Surovell: yes
- Jeremy S. McPike: yes
- Jennifer B. Boysko: yes
- Todd E. Pillion: yes
- Aaron R. Rouse: yes
- Lamont Bagby: yes
- Lashrecse D. Aird: yes
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T05:35:59.552682Z
Inspect retained evidence for changes recorded after evidence tracking began:
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