Virginia House Bill 1788 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 1 2021 - 25% progression, died in chamber
Action: 2021-01-18 - Tabled in Finance (22-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]

Income tax; rolling conformity with the Internal Revenue Code. Provides that, beginning with taxable year 2021, 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, unless subsequently adopted by the General Assembly, Virginia shall not conform to any amendments to the Internal Revenue Code that have an impact of more than 0.25 percent on general fund revenues in the fiscal year in which the amendment was enacted or any of the next four fiscal years. The Secretary of Finance, in consultation with the Chairmen of the Senate Committee on Finance and Appropriations and the House Committees on Appropriations and Finance, shall be responsible for determining when an amendment meets these criteria. The Secretary of Finance shall also provide an annual report to such chairmen on the fiscal impact of amendments to the Internal Revenue Code.

Income tax, state; rolling conformity with the Internal Revenue Code.

Del. Joseph McNamara [R]

Date	Chamber	Action
2021-01-18	House	Tabled in Finance (22-Y 0-N)
2021-01-01	House	Referred to Committee on Finance
2021-01-01	House	Prefiled and ordered printed; offered 01/13/21 21100180D

Chapter	Article	Section	Citation Type	Statute Text
58	1	301	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?211+sum+HB1788
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB1788+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?211+oth+HB1788F161+PDF