Rolling income tax conformity is now the law in Virginia.
We're celebrating a HUGE legislative success! After years of VSCPA advocacy, Virginia lawmakers finally mandated rolling income tax conformity — a major win for Virginia taxpayers and tax preparers.
Rolling income tax conformity legislation was signed by Gov. Glenn Youngkin on April 12, 2023, taking effect July 1, 2023, and affecting tax years beginning Jan. 1, 2023.
The final legislation (HB 2193 / SB 1405) allows automatic conformity for anything qualifying as an extender, limits automatic conformity of new federal tax law to amendments with less than $15 million impact threshold, and caps automatic conformity to $75 million. For any provisions exceeding the $15 million threshold and/or beyond the $75 million cap, the General Assembly would need to pass legislation to conform.
Why we supported rolling income tax conformity.
George Forsythe, CPA, 2022–2023 VSCPA chair, shares why the VSCPA so vocally advocated for rolling conformity. Our whitepaper, "Rolling Tax Conformity: A Better Option for Virginia," details how rolling conformity eliminates headaches and uncertainty for taxpayers, tax preparers, and the Virginia government.
Historical Resources
- Whitepaper: "Rolling tax conformity: A better option for Virginia" (PDF). Revised October 2022.
- Rolling tax conformity talking points (.DOCX)
- Rolling tax conformity PowerPoint template (.PPT)
Past Conformity News
- VSCPA sponsored article in Virginia Business magazine: Why this confusing-sounding tax term deserves your attention September 2022
Contact our team
The VSCPA Advocacy Team is available any time to help VSCPA members navigate legislative and regulatory issues, assist policymakers and legislators with any CPA-related questions, and more. Contact VSCPA Vice President, Advocacy & Pipeline Emily Walker, CAE, at (804) 612-9428.