It's good be No. 1.
The first to be signed, that is. On Feb. 17, 2020, Gov. Ralph Northam signed SB 582 to conform Virginia's tax code to the U.S. Internal Revenue Code (IRC). The VSCPA advocacy team, along with Society leaders and other members, have pushed for early passage of this emergency bill so that CPAs, their clients and Virginia taxpayers can easily complete their Virginia tax returns.
SB 582 and its House companion (HB 1413) advance Virginia’s date of conformity to Dec. 31, 2019, and conform to the Further Consolidated Appropriations Act of 2020 (the federal extenders bill) with the exception of the temporary reduction in the medical expense deduction threshold, from which Virginia will deconform. Virginia will conform with disaster relief, as well as the repeal of the unrelated business tax (UBIT) on certain fringe benefits. The bills also conform to the Virginia Beach Strong Act, which allows cash contributions made on or after May 31, 2019, for the benefit of the families of the dead or wounded victims of the Virginia Beach mass shooting, to be treated as tax deductible contributions.