Income tax, state; rolling conformity with the Internal Revenue Code. (HB734)

Introduced By

Del. Vivian Watts (D-Annandale) with support from co-patron Del. Mark Keam (D-Vienna)

Progress

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

Description

Income tax; rolling conformity with the Internal Revenue Code; nonconformance with certain amendments. Provides that Virginia shall generally conform to federal tax laws on a rolling basis, meaning that Virginia tax laws incorporate changes to the Internal Revenue Code as soon as Congress enacts them. The bill provides that Virginia will not conform to the reduction in the medical expense deduction floor in the federal Further Consolidated Appropriations Act, 2020. However, the bill also provides that unless subsequently adopted by the General Assembly, Virginia shall not conform to any amendments to the Internal Revenue Code that have an impact of $10 million or more on Virginia tax revenues in the fiscal year in which the amendment was enacted or any of the next four years. The Secretary of Finance, in consultation with the Chairmen of the Senate Committee on Finance and the House Committees on Appropriations and Finance, shall be responsible for determining when an amendment meets these criteria. The Secretary of Finance shall also provide an annual report to such Chairmen on the fiscal impact of amendments to the Internal Revenue Code. The bill applies to taxable years beginning on and after January 1, 2019. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2020Presented and ordered printed with emergency clause 20102457D
01/06/2020Committee
01/06/2020Prefiled and ordered printed with emergency clause; offered 01/08/20 20102457D
01/06/2020Referred to Committee on Finance
01/23/2020Assigned Finance sub: Subcommittee #1
01/26/2020Impact statement from TAX (HB734)
01/27/2020Subcommittee recommends reporting with substitute (9-Y 0-N)
01/29/2020House committee, floor amendments and substitutes offered
01/29/2020Reported from Finance with substitute (18-Y 3-N) (see vote tally)
01/29/2020Incorporates HB48 (McNamara)
01/29/2020Committee substitute printed 20107000D-H1
01/31/2020Read first time
02/03/2020Read second time
02/03/2020Committee substitute agreed to 20107000D-H1
02/03/2020Emergency clause deleted
02/03/2020Engrossed by House - committee substitute HB734H1
02/04/2020Read third time and passed House (88-Y 11-N)
02/04/2020VOTE: Passage (88-Y 11-N) (see vote tally)
02/05/2020Constitutional reading dispensed
02/05/2020Referred to Committee on Finance and Appropriations
02/11/2020Impact statement from TAX (HB734H1)
02/19/2020Continued to 2021 in Finance and Appropriations (14-Y 0-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 2 minutes.

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