Joe McNamara
- Republican
- Delegate
- District 40
Primary
Taxation; rate of interest. Provides that (i) the rate of interest on omitted taxes and assessments is equal to the Underpayment Rate established by the Internal Revenue Code and (ii) the rate of interest on refunds is equal to the Overpayment Rate for noncorporate taxpayers established by the Internal Revenue Code. Current law provides that (a) the rate of interest on omitted taxes and assessments is equal to the Underpayment Rate plus two percent and (b) the rate of interest on refunds is equal to the Overpayment Rate for noncorporate taxpayers plus two percent.
A BILL to amend and reenact ยง 58.1-15 of the Code of Virginia, relating to taxation; rate of interest.
Left in Finance
Subcommittee recommends laying on the table (5-Y 2-N)
Assigned Finance sub: Subcommittee #2
Impact statement from TAX (HB1550)
Prefiled and ordered printed; Offered 01-08-2025 25100559D
Referred to Committee on Finance
| Bill Text Versions | Format |
|---|---|
| HFIN Sub: Subcommittee #2 Amendment | HTML |
| Introduced | HTML PDF |
| Document | Format |
|---|---|
| Impact statement from TAX (HB1550) |
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