Jan. 13, 2020
The Virginia General Assembly is hard at work in downtown Richmond, and conformity is top of mind for the VSCPA. Several pieces of legislation have already been introduced to address conforming to federal tax codes. Finance Committee Chair Del. Vivian Watts has introduced HB 734 calling for rolling conformity. The bill “provides that Virginia shall generally conform to federal tax laws on a rolling basis, meaning that Virginia tax laws incorporate changes to the Internal Revenue Code as soon as Congress enacts them.” Del. Joe McNamara, CPA (a VSCPA member), has introduced HB 48, which similarly calls for implementing rolling conformity.
The VSCPA is excited to be working with Watts and McNamara and the Secretary of Finance Aubrey Lane, CPA, on this important piece of legislation. The Society’s white paper on rolling conformity, "Rolling Tax Conformity: A Better Option for Virginia," lays out the case for our support of this legislation.
Sec. of Finance Aubrey Layne, CPA, briefed the House Finance Committee today on the importance of tax conformity. You can watch his remarks in archived video here. He starts to discuss conformity around 9:46.
Our advocacy team will continue work to educate elected officials and policy makers about this critical subject. We invite you to join our efforts at CPA Assembly Day on Jan. 21, 2020. There is no better way to connect with legislators than in-person at the Capitol.