HB 261

Abstract

Income tax; rolling conformity. Provides that when Virginia does not conform on a rolling basis to federal tax laws due to 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, such nonconformity shall not be considered for purposes of calculating the nonconformity threshold for 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.

Income tax; rolling conformity. Providesthat when Virginia does not conform on a rolling basis to federaltax laws due to any changes in a single act of Congress with an impactof more than $15 million on revenues in the year in which the amendmentwas enacted or any of the next four years, such nonconformity shallnot be considered for purposes of calculating the nonconformity thresholdfor all amendments in a year with a cumulative projected impact ofmore than $75 million in the year in which the amendments were enactedor any of the next four years.