SB1405
Income tax, state; rolling conformity, report.
Summary
As Passed Both Chambers. Income tax; rolling conformity; report.
Provides that Virginia shall generally conform to federal tax laws on a rolling basis, meaning that Virginia tax laws incorporate changes to federal income tax law as soon as Congress enacts them on or after January 1, 2023. However, the bill provides that Virginia shall not conform to (i) any ... (More) 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 and (ii) 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. For any amendment enacted on or after January 1, 2024, the $15 million per act impact threshold shall be adjusted annually by the change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the previous year. This bill is identical to HB 2193. (Less)-
Bill History
- 01/11/2023 - Senate: Prefiled and ordered printed; offered 01/11/23 23101959D
- 01/11/2023 - Senate: Referred to Committee on Finance and Appropriations
- 01/19/2023 - Senate: Impact statement from TAX (SB1405)
- 02/02/2023 - Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N)
- 02/02/2023 - Senate: Committee substitute printed 23106214D-S1
- 02/03/2023 - Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/03/2023 - Senate: Senate committee, floor amendments and substitutes offered
- 02/05/2023 - Senate: Senate committee, floor amendments and substitutes offered
- 02/06/2023 - Senate: Read second time
- 02/06/2023 - Senate: Reading of substitute waived
- 02/06/2023 - Senate: Committee substitute agreed to 23106214D-S1
- 02/06/2023 - Senate: Engrossed by Senate - committee substitute SB1405S1
- 02/06/2023 - Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/06/2023 - Senate: Passed Senate (39-Y 0-N)
- 02/08/2023 - House: Placed on Calendar
- 02/08/2023 - House: Read first time
- 02/08/2023 - House: Referred to Committee on Finance
- 02/08/2023 - House: House committee, floor amendments and substitutes offered
- 02/08/2023 - House: Reported from Finance with substitute (21-Y 0-N)
- 02/08/2023 - House: Committee substitute printed 23106489D-H1
- 02/09/2023 - Senate: Impact statement from TAX (SB1405S1)
- 02/10/2023 - House: Read second time
- 02/13/2023 - House: Read third time
- 02/13/2023 - House: Committee substitute agreed to 23106489D-H1
- 02/13/2023 - House: Engrossed by House - committee substitute SB1405H1
- 02/13/2023 - House: Passed House with substitute BLOCK VOTE (99-Y 0-N)
- 02/13/2023 - House: VOTE: Block Vote Passage (99-Y 0-N)
- 02/15/2023 - Senate: House substitute rejected by Senate (10-Y 30-N)
- 02/15/2023 - House: House insisted on substitute
- 02/15/2023 - House: House requested conference committee
- 02/15/2023 - Senate: Senate acceded to request (40-Y 0-N)
- 02/15/2023 - Senate: Conferees appointed by Senate
- 02/15/2023 - Senate: Senators: Barker, Howell, Newman
- 02/15/2023 - House: Conferees appointed by House
- 02/15/2023 - House: Delegates: McNamara, Bloxom, Sickles
- 02/25/2023 - Conference: Amended by conference committee
- 02/25/2023 - Senate: Conference substitute printed 23107521D-S2
- 02/25/2023 - House: Conference report agreed to by House (95-Y 0-N)
- 02/25/2023 - House: VOTE: Adoption (95-Y 0-N)
- 02/25/2023 - Senate: Conference report agreed to by Senate (40-Y 0-N)
- 03/07/2023 - Senate: Enrolled
- 03/07/2023 - Senate: Bill text as passed Senate and House (SB1405ER)
- 03/08/2023 - Senate: Signed by President
- 03/08/2023 - House: Signed by Speaker
- 03/13/2023 - Senate: Enrolled Bill Communicated to Governor on March 13, 2023
- 03/13/2023 - Governor: Governor's Action Deadline 11:59 p.m., March 27, 2023
- 03/14/2023 - Senate: Impact statement from TAX (SB1405ER)
- 03/27/2023 - Senate: Governor's recommendation received by Senate
- 04/12/2023 - Senate: Senate concurred in Governor's recommendation (40-Y 0-N)
- 04/12/2023 - House: House concurred in Governor's recommendation BLOCK VOTE (93-Y 0-N)
- 04/12/2023 - House: VOTE: Block Vote Adoption (93-Y 0-N)
- 04/12/2023 - Governor: Governor's recommendation adopted
- 04/12/2023 - Senate: Reenrolled
- 04/12/2023 - Senate: Reenrolled bill text (SB1405ER2)
- 04/12/2023 - Senate: Signed by President as reenrolled
- 04/12/2023 - House: Signed by Speaker as reenrolled
- 04/12/2023 - House: Enacted, Chapter 763 (effective 7/1/23)
- 04/12/2023 - Governor: Acts of Assembly Chapter text (CHAP0763)
