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 »

Status

01/07/2022: Awaiting a Vote in the Finance Committee

History

DateAction
01/07/2022Prefiled and ordered printed; offered 01/12/22 22103395D
01/07/2022Committee
01/07/2022Referred to Committee on Finance

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