Income tax, state; rolling conformity, report.

Signed · Va Senate · Session 2023

Introduced January 11, 2023

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Income tax; rolling conformity; report. Provides that Virginia shall generally conform to federal tax laws on a rolling basis, meaning that Virginia tax laws incorporate changes to federal income tax law as soon as Congress enacts them on or after January 1, 2023. However, the bill provides that Virginia shall not conform to (i) 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 and (ii) 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. For any amendment enacted on or after January 1, 2024, the $15 million per act impact threshold shall be adjusted annually by the change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the previous year.