Income tax, state; conformity to Internal Revenue Code. (HB261)

Introduced By

Del. Joe McNamara (R-Roanoke) with support from co-patron Del. Vivian Watts (D-Annandale)

Progress

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

Description

Income tax; rolling conformity. Provides that when Virginia does not conform on a rolling basis to federal tax laws due to any changes in a single act of Congress with an impact of more than $15 million on revenues in the year in which the amendment was enacted or any of the next four years, such nonconformity shall not be considered for purposes of calculating the nonconformity threshold for all amendments in a year with a cumulative projected impact of more than $75 million in the year in which the amendments were enacted or any of the next four years. Read the Bill »

Notes

According to the fiscal impact statement, this legislation would have no revenue impact and does not require additional funding. Therefore, it is estimated to have no cost.

Summary generated automatically by OpenAI.

Outcome

Bill Has Failed

History

DateAction
01/05/2024Committee
01/05/2024Prefiled and ordered printed; offered 01/10/24 24101430D
01/05/2024Referred to Committee on Finance
01/14/2024Impact statement from TAX (HB261)
02/07/2024Reported from Finance with amendment(s) (21-Y 0-N) (see vote tally)
02/09/2024Read first time
02/12/2024Read second time
02/12/2024Committee amendment agreed to
02/12/2024Engrossed by House as amended HB261E
02/12/2024Printed as engrossed 24101430D-E
02/13/2024Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/13/2024VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/14/2024Constitutional reading dispensed
02/14/2024Referred to Committee on Finance and Appropriations
02/18/2024Impact statement from TAX (HB261E)
02/27/2024Continued to 2025 in Finance and Appropriations (15-Y 0-N) (see vote tally)

Duplicate Bills

The following bills are identical to this one: SB459.

Comments

Bill Peabody writes:

https://fcta.org/Pubs/Handouts/2019_fx_HOAbeware.html
How about some spending cuts to go along w those tax cuts?

Bill Peabody writes:

https://fcta.org/Pubs/Handouts/2019_fx_HOAbeware.html
How about some spending cuts to go along w those tax cuts?

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