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2019 SESSION

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SB 1739 Income tax; conformity of tax code to federal code.

Introduced by: Stephen D. Newman | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; emergency. 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. The bill also directs any revenues collected by the Commonwealth as a result of the policy changes in the Tax Cuts and Jobs Act be deposited into the Taxpayer Relief Fund, created by the bill. The Department of Taxation is directed to issue refunds on a pro rata basis to taxpayers who filed returns in the immediately preceding taxable year based on the amount of revenues deposited in the Fund. The revenue collection and refund would remain in place through taxable year 2026, the year the individual taxpayer changes in the Tax Cuts and Jobs Act are set to expire. The bill contains an emergency clause. The bill was incorporated into SB 1372.


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