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2024 SESSION

• | print version

HB 261 Income tax, state; conformity to Internal Revenue Code.

Introduced by: Joseph P. McNamara | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Income tax; rolling conformity. Provides that when Virginia does not conform on a rolling basis to federal tax laws due to any changes in a single act of Congress with an impact of more than $15 million on revenues in the year in which the amendment was enacted or any of the next four years, such nonconformity shall not be considered for purposes of calculating the nonconformity threshold for all amendments in a year with a cumulative projected impact of more than $75 million in the year in which the amendments were enacted or any of the next four years.

FULL TEXT

• 01/05/24  House: Prefiled and ordered printed; offered 01/10/24 24101430D  pdf | impact statement
• 02/12/24  House: Printed as engrossed 24101430D-E  pdf | impact statement

AMENDMENTS

• House amendments adopted

HISTORY

• 01/05/24  House: Prefiled and ordered printed; offered 01/10/24 24101430D
• 01/05/24  House: Referred to Committee on Finance
• 02/07/24  House: Reported from Finance with amendment(s) (21-Y 0-N)
• 02/09/24  House: Read first time
• 02/12/24  House: Read second time
• 02/12/24  House: Committee amendment agreed to
• 02/12/24  House: Engrossed by House as amended HB261E
• 02/12/24  House: Printed as engrossed 24101430D-E
• 02/13/24  House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
• 02/13/24  House: VOTE: Block Vote Passage (99-Y 0-N)
• 02/14/24  Senate: Constitutional reading dispensed
• 02/14/24  Senate: Referred to Committee on Finance and Appropriations
• 02/27/24  Senate: Continued to 2025 in Finance and Appropriations (15-Y 0-N)