With the Virginia General Assembly convening Jan. 12, 2022, it's "go time" for the race to tax conformity in the Commonwealth. The VSCPA supports all bills now filed for conformity, with a strong position that rolling conformity is best for Virginia.
Here are the current bills we're supporting and watching as legislators begin work. As in the past, it's imperative we get emergency tax conformity legislation passed as quickly as possible. VSCPA members, staff and legislative counsel are talking to Finance committee members and other stakeholders on tackling conformity now.
- SB 94 / HB 1003: Advance the conformity date of Virginia’s tax code to the federal code from Dec. 30, 2020, to Dec. 31, 2021.
- SB 583 / HB 971: Match the previous conformity bills but also increase the 2020 deductibility for Paycheck Protection Program loans and Rebuild Virginia grants to $1 million.
- HB 106 / SB 630: Changes Virginia from fixed-date to rolling conformity with taxable year 2022.
While we advocate every year to advance Virginia’s date of conformity, our push for rolling conformity would solve headaches for you and your clients. Stay up to date on rolling conformity in the Tax Conformity Resource Center and see all the bills we're following in the Bill Tracker.