VA HB734 | 2020 | Regular Session
Note: Carry Foward to future HB734
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Engrossed on February 3 2020 - 50% progression, died in committee
Action: 2020-02-19 - Continued to 2021 in Finance and Appropriations (14-Y 0-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Status: Engrossed on February 3 2020 - 50% progression, died in committee
Action: 2020-02-19 - Continued to 2021 in Finance and Appropriations (14-Y 0-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Summary
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.
Title
Income tax, state; rolling conformity with the Internal Revenue Code.
Sponsors
Roll Calls
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: 1 Abs: 0) [PASS]
2020-01-29 - House - House: Reported from Finance with substitute (18-Y 3-N) (Y: 18 N: 3 NV: 1 Abs: 0) [PASS]
2020-01-27 - House - House: Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 1 Abs: 0) [PASS]
2020-02-04 - House - House: VOTE: Passage (88-Y 11-N) (Y: 88 N: 11 NV: 1 Abs: 0) [PASS]
2020-01-29 - House - House: Reported from Finance with substitute (18-Y 3-N) (Y: 18 N: 3 NV: 1 Abs: 0) [PASS]
2020-01-27 - House - House: Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 1 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
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 |
Same As/Similar To
HB734 (Carry Over) 2020-02-19 - Continued to 2021 in Finance and Appropriations (14-Y 0-N)