HB 958 VA

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Passed One Chamber

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.

• Vivian E. Watts Democratic · primary

1. Jan 13, 2026 Prefiled and ordered printed; Offered 01-14-2026 26102351D · lower
2. Jan 13, 2026 Referred to Committee on Finance · lower
3. Feb 1, 2026 Fiscal Impact statement From TAX (2/1/2026 11:34 pm) · lower
4. Feb 2, 2026 Subcommittee recommends reporting (9-Y 0-N) · lower
5. Feb 4, 2026 Reported from Finance (22-Y 0-N) · lower
6. Feb 6, 2026 Read first time · lower
7. Feb 9, 2026 Read second time and engrossed · lower
8. Feb 10, 2026 Moved from Uncontested Calendar to Regular Calendar · lower
9. Feb 10, 2026 Read third time and passed House (96-Y 1-N 1-A) · lower
10. Feb 11, 2026 Constitutional reading dispensed (on 1st reading) · upper
11. Feb 11, 2026 Referred to Committee on Finance and Appropriations · upper
12. Mar 3, 2026 Continued to next session in Finance and Appropriations (14-Y 1-N) · upper

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced · PDF
• Introduced · HTML