HB 2355 became the first tax conformity bill to make it out of committee when it passed the House Finance Committee on Monday morning. The bill was amended to create a special fund for revenue generated by the provisions in the Tax Cuts and Jobs Act (TCJA).
The bill passed by a 9–4 margin with nine abstentions. VSCPA Vice President, Advocacy Emily Walker, CAE, testified in the committee meeting. The VSCPA continues to push for a swift resolution to conformity and urges members to use the VoterVoice tool to email their legislators in support of the bill.