Virginia House Bill 734 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Engrossed on February 3 2020 - 50% progression, died in committee
Action: 2020-12-04 - Left in Finance and Appropriations
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]

Income tax; rolling conformity with the Internal Revenue Code; nonconformance with certain amendments. Provides that 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. The bill provides that Virginia will not conform to the reduction in the medical expense deduction floor in the federal Further Consolidated Appropriations Act, 2020. However, the bill also 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 $10 million or more on Virginia tax revenues in the fiscal year in which the amendment was enacted or any of the next four years. The Secretary of Finance, in consultation with the Chairmen of the Senate Committee on Finance 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. The bill applies to taxable years beginning on and after January 1, 2019. Income tax; rolling conformity with the Internal Revenue Code; nonconformance with certain amendments. Provides that 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. The bill provides that Virginia will not conform to the reduction in the medical expense deduction floor in the federal Further Consolidated Appropriations Act, 2020. However, the bill also 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 $10 million or more on Virginia tax revenues in the fiscal year in which the amendment was enacted or any of the next four years. The Secretary of Finance, in consultation with the Chairmen of the Senate Committee on Finance 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. The bill applies to taxable years beginning on and after January 1, 2019.

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

Del. Vivian Watts [D]

Del. Mark Keam [D]

Del. Joseph McNamara [R]

2020-02-19 - Senate - Senate: Continued to 2021 in Finance and Appropriations (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-04 - House - House: VOTE: Passage (88-Y 11-N) (Y: 88 N: 11 NV: 0 Abs: 1) [PASS]
2020-01-29 - House - House: Reported from Finance with substitute (18-Y 3-N) (Y: 18 N: 0 NV: 0 Abs: 1) [PASS]
2020-01-27 - House - House: Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2020-12-04	Senate	Left in Finance and Appropriations
2020-02-19	Senate	Continued to 2021 in Finance and Appropriations (14-Y 0-N)
2020-02-05	Senate	Referred to Committee on Finance and Appropriations
2020-02-05	Senate	Constitutional reading dispensed
2020-02-04	House	VOTE: Passage (88-Y 11-N)
2020-02-04	House	Read third time and passed House (88-Y 11-N)
2020-02-03	House	Engrossed by House - committee substitute HB734H1
2020-02-03	House	Emergency clause deleted
2020-02-03	House	Committee substitute agreed to 20107000D-H1
2020-02-03	House	Read second time
2020-01-31	House	Read first time
2020-01-29	House	Committee substitute printed 20107000D-H1
2020-01-29	House	Incorporates HB48 (McNamara)
2020-01-29	House	Reported from Finance with substitute (18-Y 3-N)
2020-01-27	House	Subcommittee recommends reporting with substitute (9-Y 0-N)
2020-01-23	House	Assigned Finance sub: Subcommittee #1
2020-01-06	House	Referred to Committee on Finance
2020-01-06	House	Prefiled and ordered printed with emergency clause; offered 01/08/20 20102457D

HB734 (Carry Over) 2020-02-19 - Continued to 2021 in Finance and Appropriations (14-Y 0-N)

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+HB734
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB734+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB734H1+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?211+oth+HB734F161+PDF
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?211+oth+HB734FH1161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+H1001C0011+HB0734
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+H10C0031+HB0734
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+HC0351+HB0734
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?211+vot+S05C0372+HB0734