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2019 SESSION
SB 1372 Income tax, state; conformity of taxation system with the IRC, taxable income deductions, etc.
Introduced by: Thomas K. Norment, Jr. | 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 HB 2529.
FULL TEXT
- 01/08/19 Senate: Prefiled and ordered printed with emergency clause; offered 01/09/19 19101062D pdf | impact statement
- 01/30/19 Senate: Committee substitute printed 19106153D-S1 pdf | impact statement
- 01/31/19 Senate: Floor substitute printed 19106240D-S2 (Saslaw) pdf
- 02/01/19 Senate: Printed as engrossed 19106153D-ES1 pdf | impact statement
- 02/08/19 House: Committee substitute printed 19106584D-H1 pdf
- 02/11/19 House: Floor substitute printed 19106750D-H2 (Jones, S.C.) pdf
- 02/12/19 Senate: Bill text as passed Senate and House (SB1372ER) pdf | impact statement
- 02/15/19 Governor: Acts of Assembly Chapter text (CHAP0018) pdf
AMENDMENTS
HISTORY
- 01/08/19 Senate: Prefiled and ordered printed with emergency clause; offered 01/09/19 19101062D
- 01/08/19 Senate: Referred to Committee on Finance
- 01/30/19 Senate: Reported from Finance with substitute (11-Y 5-N)
- 01/30/19 Senate: Committee substitute printed 19106153D-S1
- 01/30/19 Senate: Incorporates SB1237 (DeSteph)
- 01/30/19 Senate: Incorporates SB1320 (Hanger)
- 01/30/19 Senate: Incorporates SB1443 (Stuart)
- 01/30/19 Senate: Incorporates SB1531 (Sturtevant)
- 01/30/19 Senate: Incorporates SB1631 (Dunnavant)
- 01/30/19 Senate: Incorporates SB1657 (McDougle)
- 01/30/19 Senate: Incorporates SB1739 (Newman)
- 01/30/19 Senate: Read first time
- 01/31/19 Senate: Floor substitute printed 19106240D-S2 (Saslaw)
- 01/31/19 Senate: Passed by temporarily
- 01/31/19 Senate: Read second time
- 01/31/19 Senate: Reading of substitute waived
- 01/31/19 Senate: Committee substitute agreed to (21-Y 19-N)
- 01/31/19 Senate: Substitute by Senator Saslaw ruled out of order 19106240D-S2
- 01/31/19 Senate: Title replaced 19106153D-S1
- 01/31/19 Senate: Engrossed by Senate - committee substitute SB1372S1
- 02/01/19 Senate: Read third time and defeated by Senate (20-Y 20-N)
- 02/01/19 Senate: Requires 32 affirmative votes for passage
- 02/01/19 Senate: Reconsideration of defeated action agreed to by Senate (40-Y 0-N)
- 02/01/19 Senate: Engrossment reconsidered by Senate (40-Y 0-N)
- 02/01/19 Senate: Reading of amendment waived
- 02/01/19 Senate: Amendment by Senator Norment agreed to (23-Y 17-N)
- 02/01/19 Senate: Emergency clause deleted
- 02/01/19 Senate: Engrossed by Senate - committee substitute with amendment SB1372ES1
- 02/01/19 Senate: Printed as engrossed 19106153D-ES1
- 02/01/19 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/01/19 Senate: Passed Senate (21-Y 19-N)
- 02/06/19 House: Placed on Calendar
- 02/06/19 House: Read first time
- 02/06/19 House: Referred to Committee on Finance
- 02/08/19 House: Reported from Finance with substitute (20-Y 1-N)
- 02/08/19 House: Committee substitute printed 19106584D-H1
- 02/08/19 House: Read second time
- 02/11/19 House: Floor substitute printed 19106750D-H2 (Jones, S.C.)
- 02/11/19 House: Read third time
- 02/11/19 House: Passed by temporarily
- 02/11/19 House: Committee substitute rejected 19106584D-H1
- 02/11/19 House: Substitute by Delegate Jones, S.C. agreed to 19106750D-H2
- 02/11/19 House: Engrossed by House - floor substitute SB1372H2
- 02/11/19 House: Pending question ordered
- 02/11/19 House: Defeated by House (74-Y 24-N)
- 02/11/19 House: VOTE: DEFEATED (74-Y 24-N)
- 02/11/19 House: Requires 80 affirmative votes to pass
- 02/11/19 House: Reconsideration of defeated action agreed to by House
- 02/11/19 House: Passed House with substitute (95-Y 4-N)
- 02/11/19 House: VOTE: PASSAGE #2 (95-Y 4-N)
- 02/12/19 Senate: House substitute agreed to by Senate (38-Y 2-N)
- 02/12/19 Senate: Emergency clause added
- 02/12/19 Senate: Title replaced 19106750D-H2
- 02/12/19 Senate: Enrolled
- 02/12/19 Senate: Bill text as passed Senate and House (SB1372ER)
- 02/12/19 House: Signed by Speaker
- 02/13/19 Senate: Signed by President
- 02/13/19 Senate: 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 18 (effective 2/15/19)
- 02/15/19 Governor: Acts of Assembly Chapter text (CHAP0018)