SB630:

Income tax, state; rolling conformity, report.

Bill Summary:

Income tax; rolling conformity; report.
Provides that, beginning with taxable year 2022, Virginia shall generally
conform to federal tax laws on a rolling basis, meaning that Virginia
tax laws incorporate changes to the Internal Revenue Code as soon
as Congress enacts them. 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 0.3 percent on revenues in the year in
which the amendment was enacted or any of the next four years and
(ii) all changes enacted by Congress during the taxable year if their
aggregate impact is more than 0.6 percent on the revenues for that
year or any of the next four years.