VA HB261 | 2024 | Regular Session
Status
Spectrum: Bipartisan Bill
Status: Engrossed on February 12 2024 - 50% progression
Action: 2024-02-27 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Engrossed) [HTML]
Status: Engrossed on February 12 2024 - 50% progression
Action: 2024-02-27 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Engrossed) [HTML]
Summary
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. 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.
Title
Income tax, state; conformity to Internal Revenue Code.
Sponsors
Roll Calls
2024-02-27 - Senate - Senate: Continued to 2025 in Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-13 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance with amendment(s) (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-13 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance with amendment(s) (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-02-27 | Senate | Continued to 2025 in Finance and Appropriations (15-Y 0-N) |
| 2024-02-14 | Senate | Referred to Committee on Finance and Appropriations |
| 2024-02-14 | Senate | Constitutional reading dispensed |
| 2024-02-13 | House | VOTE: Block Vote Passage (99-Y 0-N) |
| 2024-02-13 | House | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
| 2024-02-12 | House | Printed as engrossed 24101430D-E |
| 2024-02-12 | House | Engrossed by House as amended HB261E |
| 2024-02-12 | House | Committee amendment agreed to |
| 2024-02-12 | House | Read second time |
| 2024-02-09 | House | Read first time |
| 2024-02-07 | House | Reported from Finance with amendment(s) (21-Y 0-N) |
| 2024-01-05 | House | Referred to Committee on Finance |
| 2024-01-05 | House | Prefiled and ordered printed; offered 01/10/24 24101430D |
Same As/Similar To
SB459 (Similar To) 2024-02-07 - Continued to 2025 in Finance and Appropriations (13-Y 2-N)
