VA HB734 | 2021 | Regular Session

Note: Carryover of previous HB734

Status

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]

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. 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.

Tracking Information

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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: 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]

History

DateChamberAction
2020-12-04SenateLeft in Finance and Appropriations
2020-02-19SenateContinued to 2021 in Finance and Appropriations (14-Y 0-N)
2020-02-05SenateReferred to Committee on Finance and Appropriations
2020-02-05SenateConstitutional reading dispensed
2020-02-04HouseVOTE: Passage (88-Y 11-N)
2020-02-04HouseRead third time and passed House (88-Y 11-N)
2020-02-03HouseEngrossed by House - committee substitute HB734H1
2020-02-03HouseEmergency clause deleted
2020-02-03HouseCommittee substitute agreed to 20107000D-H1
2020-02-03HouseRead second time
2020-01-31HouseRead first time
2020-01-29HouseCommittee substitute printed 20107000D-H1
2020-01-29HouseIncorporates HB48 (McNamara)
2020-01-29HouseReported from Finance with substitute (18-Y 3-N)
2020-01-27HouseSubcommittee recommends reporting with substitute (9-Y 0-N)
2020-01-23HouseAssigned Finance sub: Subcommittee #1
2020-01-06HouseReferred to Committee on Finance
2020-01-06HousePrefiled 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)

Code Citations

ChapterArticleSectionCitation TypeStatute Text
581301(n/a)See Bill Text

Virginia State Sources


Bill Comments

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