Legislative Updates

On April 6, 2026, Virginia Gov. Abigail Spanberger signed legislation into law to establish Inactive and Emeritus CPA license statuses.

The Virginia General Assembly adjourned this year on March 14, 2026, notably without passing a state budget. Here are the areas the VSCPA worked on and watched closely this year.

The VSCPA submitted comments to the Virginia Board of Accountancy (VBOA) on its proposed regulatory changes related to firm requirements and principal place of business.

On March 12, the VSCPA submitted comments to the Federal Accounting Standards Advisory Board (FASAB) on the exposure draft of proposed staff implementation guidance 64.1.

On Feb. 26, 2026, the VSCPA submitted comments on the U.S. Department of Education’s Notice of Proposed Rulemaking, “Reimagining and Improving Student Education.”

During the 2026 General Assembly Session, the 2026 Amendments to the 2025 Appropriation Act replaced Virginia’s rolling conformity to the IRC with a fixed conformity date of Dec. 31, 2025.

Crossover was Tuesday, Feb. 17, and it has reshaped the landscape at the General Assembly. While tax conformity and PTET are expected to be resolved in the caboose budget, several other tax policy issues remain active as bills move to the opposite chamber.

For this year, it appears tax conformity will be resolved through committee amendments to the caboose budget bills (HB 29 and SB 29) rather than standalone legislation.

Here's where things stand on major tax proposals before the Virginia General Assembly, as well as the bill to introduce a CPA, Emeritus licensure status.

As the General Assembly session moves deeper into February and crossover approaches, the gravitational pull of the budget is becoming impossible to ignore. Even for bills that don’t directly appropriate funds, fiscal impact is increasingly shaping which proposals advance, pause, or change form.