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2019 SESSION

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Senate Committee on Finance

Co-Chair: Thomas K. Norment, Jr. - Co-Chair: Emmett W. Hanger, Jr.

Clerk: John Garrett
Staff: Lisa Wallmeyer
Date of Meeting: February 8, 2019
Time and Place: 9:00 AM Senate Room 3 The Capitol

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

Patron: Jones, S.C.

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.

H.B. 2529 Income tax, state; itemization, standard deduction.

Patron: Hugo

Individual income tax; itemization; standard deduction. Deconforms the Commonwealth's tax code from the provisions of the federal Tax Cuts and Jobs Act (TCJA) that limit the deduction for state and local taxes. The bill establishes an income tax subtraction starting in taxable year 2018 for Global Intangible Low-Taxed Income (GILTI).

The bill allows an individual taxpayer to itemize for state income tax purposes regardless of whether he itemizes on his federal return for taxable years 2019 through 2025. Current law requires a taxpayer to claim the standard deduction on his state return if he claims the standard deduction on his federal return.

The bill increases the standard deduction to $4,000 for single individuals and $8,000 for married persons filing jointly for taxable years 2019 through 2025. Under current law, the standard deduction is $3,000 for single individuals and $6,000 for married couples filing jointly.