Income tax, state; rolling conformity with the federal Internal Revenue Code. (HB48)

Introduced By

Del. Joe McNamara (R-Roanoke)

Progress

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

Description

Income tax; rolling conformity with the federal Internal Revenue Code. Provides that Virginia conform with federal tax laws on a rolling basis, which means that Virginia tax laws incorporate changes to the Internal Revenue Code as soon as Congress enacts them. Under current law, Virginia conforms to federal tax laws as of December 31, 2018. Read the Bill »

Status

01/29/2020: Incorporated into Another Bill

History

DateAction
11/25/2019Committee
11/25/2019Prefiled and ordered printed; offered 01/08/20 20100499D
11/25/2019Referred to Committee on Finance
01/23/2020Assigned Finance sub: Subcommittee #1
01/26/2020Impact statement from TAX (HB48)
01/27/2020Subcommittee recommends incorporating (HB734-Watts)
01/29/2020Incorporated by Finance (HB734-Watts)

Comments

Ronald N Quasebarth writes:

Why would we would our tax laws controlled by New York, Alabama or Illinois.
This doesn't make sense to me.

Waldo Jaquith writes:

Because the alternative is for every income-tax-filing Virginian to have to individually deal with Virginia's implementation of federal tax policy being different than what is legally required. I mean, do that if you want to I guess, but that sounds terrible.

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