Bill
Bill > HB458
summary
Introduced
01/12/2026
01/12/2026
In Committee
01/12/2026
01/12/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Income tax subtraction; broadband grant fund awards. Establishes an individual and corporate income tax subtraction for any amount of public grant awards received in the taxable year for the exclusive purpose of planning, constructing, expanding, or improving upon broadband infrastructure and services in the Commonwealth beginning in taxable year 2026.
AI Summary
This bill establishes an income tax subtraction for both individuals and corporations in Virginia, starting with the 2026 tax year, for any "broadband grant funds" received. These funds are defined as monetary awards specifically intended for the planning, construction, expansion, or improvement of broadband infrastructure and services within the Commonwealth. The subtraction applies only to the grant funds themselves and not to any income or interest earned from investing or using those funds for purposes unrelated to improving broadband. This provision aims to incentivize the development of broadband infrastructure by reducing the tax burden on entities receiving public grants for this purpose.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Left in Finance (on 02/18/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB458 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (1/23/2026 6:27 pm) | https://lis.blob.core.windows.net/files/1096268.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB458/text/HB458 |
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