Virginia taxpayers; providing income tax relief. (HB2704)

Introduced By

Del. Rob Bloxom (R-Accomack)

Description

Providing income tax relief to Virginia taxpayers. Provides that, if the General Assembly does not enact legislation during the 2019 Session giving at least $100 million in Virginia income tax relief to Virginia taxpayers, any additional revenues generated by the federal Tax Cuts and Jobs Act shall be transferred to the Tax Policy Fund, created by the act. The bill requires the Governor to submit, with his budget proposal for the 2020-2022 biennium, a plan to provide tax reform to Virginia taxpayers with revenues in the Tax Policy Fund. Such tax reform shall distribute such additional revenues to Virginia taxpayers proportionately on the basis of their Virginia income tax liability for taxable year 2018. Read the Bill »

Outcome

History