Skip to main content
CivicGate

HB 958 VA
Passed One Chamber

Income tax, corporate; taxable income, net operating loss.

VA · session 2027 · Assembly / House · bill

A state bill is a proposed law in a state legislature — separate from the U.S. Congress. Learn more →

Introduced Jan 13, 2026

Latest action (Jul 21, 2026) Continued from last session

Summary

This bill would modify provisions governing how corporations calculate taxable income and use net operating losses. A net operating loss occurs when a corporation's deductions exceed its income in a given year. Corporations can typically use net operating losses to offset income in other years to reduce their overall tax liability. The bill would amend provisions governing how corporations calculate and apply net operating loss deductions against their corporate income tax.

AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.

Official abstract

A BILL to amend and reenact § 58.1-402 of the Code of Virginia, relating to corporate income tax; taxable income; net operating loss.

Sponsor (1)

Action history (13)
  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
  13. Jul 21, 2026 Continued from last session · upper

Full text

The full text hasn’t been imported yet. CivicGate fetches it from the state legislature’s published version documents — check now.

Comments

Comments

Loading comments…

Data from OpenStates. View on OpenStates →