HB734
Income tax, state; rolling conformity with the Internal Revenue Code.
Summary
As Passed House of Origin. 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 ... (More) 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. (Less)-
Bill History
- 01/06/2020 - House: Prefiled and ordered printed with emergency clause; offered 01/08/20 20102457D
- 01/06/2020 - House: Referred to Committee on Finance
- 01/23/2020 - House: Assigned Finance sub: Subcommittee #1
- 01/26/2020 - House: Impact statement from TAX (HB734)
- 01/27/2020 - House: Subcommittee recommends reporting with substitute (9-Y 0-N)
- 01/29/2020 - House: House committee, floor amendments and substitutes offered
- 01/29/2020 - House: Reported from Finance with substitute (18-Y 3-N)
- 01/29/2020 - House: Incorporates HB48 (McNamara)
- 01/29/2020 - House: Committee substitute printed 20107000D-H1
- 01/31/2020 - House: Read first time
- 02/03/2020 - House: Read second time
- 02/03/2020 - House: Committee substitute agreed to 20107000D-H1
- 02/03/2020 - House: Emergency clause deleted
- 02/03/2020 - House: Engrossed by House - committee substitute HB734H1
- 02/04/2020 - House: Read third time and passed House (88-Y 11-N)
- 02/04/2020 - House: VOTE: Passage (88-Y 11-N)
- 02/05/2020 - Senate: Constitutional reading dispensed
- 02/05/2020 - Senate: Referred to Committee on Finance and Appropriations
- 02/11/2020 - House: Impact statement from TAX (HB734H1)
- 02/19/2020 - Senate: Continued to 2021 in Finance and Appropriations (14-Y 0-N)
