Income tax, state; conformity with the Internal Revenue Code. (HB1935)

Introduced By

Del. Vivian Watts (D-Annandale) with support from co-patron Del. Kathleen Murphy (D-McLean)

Progress

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

Description

Conformity of the Commonwealth's taxation system with the Internal Revenue Code; emergency. Advances Virginia%92s date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill adds exceptions to such conformity for suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and for the provisions of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, and the limitation on business interest. The bill contains an emergency clause. Read the Bill »

Status

01/18/2021: passed committee

History

DateAction
01/11/2021Committee
01/11/2021Prefiled and ordered printed with emergency clause; offered 01/13/21 21102183D
01/11/2021Referred to Committee on Finance
01/16/2021Impact statement from TAX (HB1935)
01/18/2021House committee, floor amendments and substitutes offered
01/18/2021Reported from Finance with substitute (14-Y 8-N) (see vote tally)
01/18/2021Committee substitute printed 21103005D-H1
01/19/2021Read first time
01/20/2021Passed by for the day
01/21/2021Passed by for the day
01/22/2021Passed by for the day
01/25/2021Passed by for the day
01/26/2021Passed by for the day
01/27/2021Passed by for the day

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