The rapid nature of Virginia’s legislative session can leave even an elected official confused. We will be asking our members to take action on a number of different bills that impact the profession and all Virginians. Some of the bills may seem identical or even contradictory so here is a quick primer on the various conformity bills being considered by the Assembly:
House Bill 1413 as well as Senate Bill 582 are pieces of emergency legislation that must be passed in order for Virginia to conform to the IRC codes for the 2019 tax year. These must be passed on an emergency basis in order to have them in place for tax season. We need you to use our advocacy tool to send a message to your senator and delegate asking them to SUPPORT these bills.
At the same time, the VSCPA is working on a longer-term push for adoption of rolling conformity laid out in our white paper on the subject. We worked with Del. Vivian Watts to draft House Bill 734 calling for rolling conformity in Virginia. Rolling conformity would automatically adopt IRS standards and eliminate the need for multiple or emergency measures in the future.
We understand this is complex and fast moving. That is exactly why we need our members to help us in advocating for these measures. If you have any questions, please reach out to our advocacy team at any time.