Travis Hackworth
- Republican
- Senator
- District 5
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 beginning in the third quarter of calendar year 2025 and thereafter. 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.
No votes to display
Passed by indefinitely in Finance and Appropriations (10-Y 4-N)
Impact statement from TAX (SB1423)
Presented and ordered printed 25104434D
Referred to Committee on Finance and Appropriations
| Bill Text Versions | Format |
|---|---|
| Finance and Appropriations Subcommittee Amendment | HTML |
| Introduced | HTML PDF |
| Document | Format |
|---|---|
| Impact statement from TAX (SB1423) |
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