Income tax, state; conformity with the Internal Revenue Code. (SB1146)

Introduced By

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’s 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

01/05/2021: Awaiting a Vote in the Finance and Appropriations Committee

History

Date	Action
01/05/2021	Prefiled and ordered printed with emergency clause; offered 01/13/21 21102155D
01/05/2021	Referred to Committee on Finance and Appropriations