Income tax, state; rolling conformity, report. (HB106)
Introduced By
Del. Joe McNamara (R-Roanoke) with support from co-patron Del. Chris Runion (R-Bridgewater)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; rolling conformity; report. Provides that, beginning with taxable year 2022, 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. However, the bill provides that Virginia shall not conform to (i) any changes in a single act of Congress with an impact of more than 0.3 percent on revenues in the year in which the amendment was enacted or any of the next four years and (ii) all changes enacted by Congress during the taxable year if their aggregate impact is more than 0.6 percent on the revenues for that year or any of the next four years. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/07/2022 | Committee |
| 01/07/2022 | Prefiled and ordered printed; offered 01/12/22 22103395D |
| 01/07/2022 | Referred to Committee on Finance |
| 01/23/2022 | Impact statement from TAX (HB106) |
| 01/27/2022 | Assigned Finance sub: Subcommittee #1 |
| 02/02/2022 | Assigned Finance sub: Subcommittee #3 |
| 02/04/2022 | Subcommittee recommends laying on the table (5-Y 3-N) |
| 02/15/2022 | Left in Finance |
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