Income tax, state; conformity of tax code to federal code. (SB1739)

Introduced By

Sen. Steve Newman (R-Forest)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax; emergency. Advances conformity of the Commonwealth's tax code with the federal tax code to December 31, 2018, including conformity to the federal Tax Cuts and Jobs Act. The bill also directs any revenues collected by the Commonwealth as a result of the policy changes in the Tax Cuts and Jobs Act be deposited into the Taxpayer Relief Fund, created by the bill. The Department of Taxation is directed to issue refunds on a pro rata basis to taxpayers who filed returns in the immediately preceding taxable year based on the amount of revenues deposited in the Fund. The revenue collection and refund would remain in place through taxable year 2026, the year the individual taxpayer changes in the Tax Cuts and Jobs Act are set to expire. The bill contains an emergency clause. The bill was incorporated into SB 1372. Amends § 58.1-301, of the Code of Virginia. Read the Bill »

Status

04/24/2019: Awaiting a Vote in the Finance Committee

History

DateAction
01/17/2019Presented and ordered printed with emergency clause 19104584D
01/17/2019Referred to Committee on Finance
01/22/2019Impact statement from TAX (SB1739)
01/30/2019Incorporated by Finance (SB1372-Norment) (16-Y 0-N) (see vote tally)

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