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2023 SESSION
HB 1369 Income tax, state; installment agreements for payment of taxes.
Introduced by: Carrie E. Coyner | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Installment agreements for payment of taxes; report. Requires the Tax Commissioner to offer to enter into an installment agreement with any individual taxpayer under which the taxpayer may satisfy his entire tax liability over a payment term of up to five years. The bill maintains the current law for corporate taxpayers whereby the Tax Commissioner may enter into a written agreement with any taxpayer under which such taxpayer is allowed to satisfy his entire tax liability in installment payments if the Tax Commissioner determines that such agreement will facilitate collection. The bill also removes the power under which the Tax Commissioner may alter, modify, or terminate an installment agreement if it is determined that the financial condition of the taxpayer has significantly changed or if the taxpayer fails to provide a financial condition update upon request. The bill directs the Department of Taxation to convene a working group to study current federal and state policies concerning installment agreements and to make recommendations by November 15, 2023, regarding how the Commonwealth's policies may better align with the installment agreement policies adopted by the Internal Revenue Service.
SUMMARY AS INTRODUCED:
Installment agreements for payment of taxes. Requires the Tax Commissioner to offer to enter into an installment agreement with any individual taxpayer under which the taxpayer may satisfy his entire tax liability over a payment term of up to five years. The bill maintains the current law for corporate taxpayers whereby the Tax Commissioner may enter into a written agreement with any taxpayer under which such taxpayer is allowed to satisfy his entire tax liability in installment payments if the Tax Commissioner determines that such agreement will facilitate collection, but limits such agreement to no more than five years. The bill also removes the power under which the Tax Commissioner may alter, modify, or terminate an installment agreement if it is determined that the financial condition of the taxpayer has significantly changed or if the taxpayer fails to provide a financial condition update upon request.