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2019 SESSION

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HB 2355 Commonwealth's taxation system; conformity with the Internal Revenue Code.

Introduced by: S. Chris Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Conformity of the Commonwealth's taxation system with the Internal Revenue Code. Advances conformity of the Commonwealth's tax code with the federal tax code to December 31, 2018, including conformity to the federal Tax Cuts and Jobs Act (TCJA). The bill also makes technical amendments.

Under the provisions of the bill, for fiscal years 2019 and 2020, any additional revenues generated as a result of the temporary individual income tax provisions of the TCJA shall be transferred to the Taxpayer Relief Fund, created in the bill. The bill requires the Department of Taxation to submit a plan, before August 1, 2019, to the General Assembly to refund such revenues to taxpayers.


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