Retail Sales and Use Tax; media-related exemptions, sunset.

The bill's scope expanded from amending a single section (58.1-609.6, media-related sales tax exemption) to amending 19 sections spanning individual income tax, corporate tax, pass-through entity taxation, and sales/use tax provisions.

New sales and use tax exemptions were added for certain printed materials purchased from advertising businesses, parts/engines/supplies for aviation component parts, prescription medicines and drugs purchased by veterinarians, and gold, silver, or platinum bullion or legal tender coins.

The substitute adds coverage for tax credits related to purchase of machinery and equipment used for advanced recycling, green and alternative energy job creation, research and development expenses, major research and development expenses, and participating landlords renting qualified housing units in eligible non-metropolitan census tracts.

Multiple expiring provisions had their sunset dates extended from January 1, 2025 or July 1, 2025 to January 1, 2027, including: the veteran loan discharge exclusion, standard deduction amounts, eligible educator expense deduction, pass-through entity credit for out-of-state taxes, low-income taxpayer refundable credit, reforestation/afforestation credit, elective entity-level tax for pass-through entities, eligible company apportionment modifications, major business facility job credit, and worker training credits.

The major business facility job tax credit sunset was changed from July 1, 2025 to January 1, 2027, and the worker training tax credit sunset was changed from July 1, 2025 to January 1, 2027.

The approval date was updated to reflect the final enactment date of March 21, 2025.

The chapter number was assigned as Chapter 318 to organize the act within the session's legislative record.