HB1003:

Internal Revenue Code; conformity of the Commonwealth's taxation system.

Bill Summary:

Conformity of the Commonwealth's taxation system
with the Internal Revenue Code; emergency. Advances Virginia's
date of conformity with the Internal Revenue Code from December 31,
2020, to December 31, 2021. The bill also deconforms from provisions
of the (i) federal Coronavirus Aid, Relief, and Economic Security
Act (CARES Act) related to the net operating loss limitation and
carryback, a loss limitation applicable to taxpayers other than corporations,
the limitation on business interest, and certain loan forgiveness
and other business financial assistance and (ii) federal American
Rescue Plan Act related to restaurant revitalization grants and emergency
injury disaster loans received for taxable years beginning before
January 1, 2021. The bill contains an emergency clause.