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2019 SESSION
HB 2529 Income tax, state; conformity of taxation system with the IRC, taxable income deductions, etc.
Introduced by: Timothy D. Hugo | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Income tax; conformity. Advances conformity of the Commonwealth's tax code with the federal tax code to December 31, 2018, effective starting in taxable year 2018. Starting in taxable year 2019, the bill deconforms from the provisions of the federal Tax Cuts and Jobs Act (TCJA) that limit the deduction for state and local taxes and that suspend the overall limit on itemized deductions.
The bill establishes income tax subtractions starting in taxable year 2018 for Global Intangible Low-Taxed Income (GILTI) and for one-fifth of the amount of business interest that is disallowed as a deduction from federal income tax.
The bill increases the standard deduction to $4,500 for single individuals and $9,000 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.
The bill provides for a refund, not to exceed a taxpayer's tax liability of up to $110 for individuals and $220 for married persons filing a joint return. The refund will be issued in October 2019 and will be available only for a taxpayer filing a final return by July 2019. The refunds will be reduced and prorated if the additional revenues generated by the TCJA are insufficient to fully fund the refunds.
The bill establishes the Taxpayer Relief Fund (the Fund). For fiscal years 2019 through 2025, any additional revenues attributable to the TCJA, beyond those necessary to fund the provisions of the bill, would accrue to the Fund. The bill directs the General Assembly to appropriate money from the Fund to enact permanent or temporary tax reform measures.
The bill contains an emergency clause and is identical to SB 1372.
FULL TEXT
- 01/09/19 House: Prefiled and ordered printed; offered 01/09/19 19104278D pdf | impact statements
- 01/28/19 House: Committee substitute printed 19104698D-H1 pdf | impact statement
- 02/08/19 Senate: Committee substitute printed 19106602D-S1 pdf
- 02/11/19 Senate: Floor substitute printed 19106700D-S2 (Newman) pdf
- 02/12/19 House: Bill text as passed House and Senate (HB2529ER) pdf | impact statement
- 02/15/19 Governor: Acts of Assembly Chapter text (CHAP0017) pdf
AMENDMENTS
HISTORY
- 01/09/19 House: Prefiled and ordered printed; offered 01/09/19 19104278D
- 01/09/19 House: Referred to Committee on Rules
- 01/23/19 House: Referred from Rules by voice vote
- 01/23/19 House: Referred to Committee on Finance
- 01/28/19 House: Reported from Finance with substitute (12-Y 10-N)
- 01/28/19 House: Committee substitute printed 19104698D-H1
- 01/30/19 House: Read first time
- 01/31/19 House: Passed by for the day
- 02/01/19 House: Read second time
- 02/01/19 House: Passed by temporarily
- 02/01/19 House: Committee substitute agreed to 19104698D-H1
- 02/01/19 House: Pending question ordered
- 02/01/19 House: Engrossed by House - committee substitute (51-Y 43-N) HB2529H1
- 02/01/19 House: VOTE: ENGROSSMENT (51-Y 43-N)
- 02/04/19 House: Passed by temporarily
- 02/04/19 House: Motion to pass by until end of calendar agreed to
- 02/04/19 House: Passed by for the day
- 02/05/19 House: Motion to pass by temporarily until completion of HB2355 agreed to
- 02/05/19 House: Pending question ordered
- 02/05/19 House: Read third time and passed House (51-Y 48-N)
- 02/05/19 House: VOTE: PASSAGE (51-Y 48-N)
- 02/06/19 Senate: Constitutional reading dispensed
- 02/06/19 Senate: Referred to Committee on Finance
- 02/08/19 Senate: Reported from Finance with substitute (14-Y 0-N)
- 02/08/19 Senate: Committee substitute printed 19106602D-S1
- 02/08/19 Senate: Incorporates HB2355 (Jones, S.C.)
- 02/08/19 Senate: Read second time
- 02/11/19 Senate: Read third time
- 02/11/19 Senate: Passed by temporarily
- 02/11/19 Senate: Reading of substitute waived
- 02/11/19 Senate: Committee substitute rejected 19106602D-S1
- 02/11/19 Senate: Floor substitute printed 19106700D-S2 (Newman)
- 02/11/19 Senate: Reading of substitute waived
- 02/11/19 Senate: Substitute by Senator Newman agreed to 19106700D-S2
- 02/11/19 Senate: Engrossed by Senate - floor substitute HB2529S2
- 02/11/19 Senate: Passed Senate with substitute (35-Y 5-N)
- 02/12/19 House: Placed on Calendar
- 02/12/19 House: Read third time
- 02/12/19 House: Senate substitute agreed to by House 19106700D-S2 (95-Y 4-N)
- 02/12/19 House: Emergency clause added
- 02/12/19 House: VOTE: ADOPTION EMERGENCY (95-Y 4-N)
- 02/12/19 House: Enrolled
- 02/12/19 House: Bill text as passed House and Senate (HB2529ER)
- 02/12/19 House: Signed by Speaker
- 02/13/19 Senate: Signed by President
- 02/13/19 House: Enrolled Bill communicated to Governor on February 13, 2019
- 02/13/19 Governor: Governor's Action Deadline Midnight, February 20, 2019
- 02/15/19 Governor: Approved by Governor-Chapter 17 (effective 2/15/19)
- 02/15/19 Governor: Acts of Assembly Chapter text (CHAP0017)