SB 942 Virginia Senate · 2025 Regular Session

RS & UT; exemption for aircraft components, extends sunset.

Summary
Retail sales and use tax; aircraft components. Extends the sunset date for the sales and use tax exemption for parts, engines, and supplies used for maintaining, repairing, or reconditioning aircraft or any aircraft's avionics system, engine, or component parts to July 1, 2030. This bill is identical to HB 1729.
Bill status signed all 5 stages cleared
Introduction
Jan 2025
Committee Review
Feb 2025
Senate Passage
Mar 2025
House of Delegates Passage
Mar 2025
Signed into Law
Mar 2025
Introduced Jan 6, 2025 Signed Mar 19, 2025
Maddy AI version diff · 4 comparisons

What changed between versions

Finance Substitute Chaptered · 19 edits
MAJOR
This bill extends several Virginia tax credits and exemptions that were set to expire in 2025 to 2027, including exemptions for gold/silver/platinum bullion, aircraft parts, and prescription drugs for veterinarians. It also adds a new exemption for aircraft components and extends the sunset date for the major business facility job tax credit. These changes provide temporary relief to taxpayers and businesses by maintaining tax benefits that would otherwise have expired.
Scope change
The bill extends the applicability of several existing tax provisions from 2025 to 2027 and adds one new exemption for aircraft components.
TIMELINE

Extended the sales tax exemption for gold, silver, and platinum bullion or legal tender coins from June 30, 2025 to January 1, 2027.

Extended the sales tax exemption for aircraft parts, engines, and supplies from July 1, 2025 to January 1, 2027.

Extended the sales tax exemption for prescription medicines and drugs purchased by veterinarians from July 1, 2025 to January 1, 2027.

Extended the major business facility job tax credit from July 1, 2025 to January 1, 2027.

Extended the worker training tax credit from July 1, 2025 to January 1, 2027.

Extended the research and development expenses tax credit from January 1, 2025 to January 1, 2027.

Extended the major research and development expenses tax credit from January 1, 2025 to January 1, 2027.

Extended the participating landlords tax credit from January 1, 2026 to January 1, 2027.

Extended the green and alternative energy job creation tax credit from January 1, 2025 to January 1, 2027.

Extended the reforestation and afforestation tax credit from January 1, 2025 to January 1, 2027.

Extended the low-income taxpayers tax credit from January 1, 2026 to January 1, 2027.

Extended the elective income tax on pass-through entities from January 1, 2026 to January 1, 2027.

Extended the eligible company apportionment modification from January 1, 2025 to January 1, 2027.

Extended the credit for taxes paid to other states for pass-through entities from January 1, 2026 to January 1, 2027.

Extended the exemption for discharged loans for eligible veterans from January 1, 2026 to January 1, 2027.

Extended the standard deduction for single individuals and married persons from January 1, 2026 to January 1, 2027.

Extended the business interest disallowed deduction from January 1, 2024 to January 1, 2027.

Extended the eligible educator expenses deduction from January 1, 2025 to January 1, 2027.

EXEMPTIONS

Added a new exemption for aircraft components, parts, and supplies used for maintaining, repairing, or reconditioning aircraft, including unmanned systems with a maximum takeoff weight of at least 2,400 pounds for manned systems.

Floor votes · Senate Jan 27, 2025 · House of Delegates Feb 17, 2025

How they voted

360
Passed · 4 other
Total votes 40
Jan 27, 2025
D Democratic21
20 Yea 1
95% Yea
R Republican19
16 Yea 3
84% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
50
Key actions
14
Committee
8
Mar 19, 2025
Signed into law
Approved by Governor-Chapter 152 (Effective 07/01/25)
executive
Mar 10, 2025
Upper · Passed
Signed by President
upper
Mar 7, 2025
Lower · Passed
Signed by Speaker
lower
Mar 7, 2025
Upper · Passed
Bill text as passed Senate and House (SB942ER)
upper
Feb 22, 2025
Lower · Passed
Conference report agreed to by House (95-Y 2-N)
lower
Feb 22, 2025
Upper · Passed
Conference report agreed to by Senate (40-Y 0-N)
upper
Feb 22, 2025
Legislature · Passed
Amended by conference committee
legislature
Feb 19, 2025
Committee
House requested conference committee
lower
Feb 17, 2025
Lower · Passed
Passed House with substitute (96-Y 0-N)
lower
Feb 17, 2025
Lower · Passed
Passed House with substitute (95-Y 0-N)
lower
Feb 12, 2025
Lower · Passed
Reported from Finance with substitute (22-Y 0-N)
lower
Feb 5, 2025
Committee
Referred to Committee on Finance
lower
Jan 29, 2025
Upper · Passed
Passed Senate (38-Y 0-N)
upper
Jan 28, 2025
Upper · Passed
Passed by for the day
upper
Jan 27, 2025
Upper · Passed
Passed by for the day
upper
Jan 23, 2025
Upper · Passed
Reported from Finance and Appropriations with substitute (13-Y 0-N)
upper
Jan 6, 2025
Committee
Referred to Committee on Finance and Appropriations
upper
1 primary · 3 co-sponsors

Sponsors