HB 977 VA

0likes☆Favorite🔕SubscribeShare

Introduced

Conformity of the tax laws of the Commonwealth to the Internal Revenue Code. Repeals rolling conformity and reestablishes fixed date conformity with the Internal Revenue Code as it existed on December 31, 2024, for Virginia income tax purposes beginning with taxable year 2025. Under current law, Virginia conforms to federal tax changes as soon as they are enacted by Congress, with certain exceptions. Virginia deconforms from any amendment that would increase or decrease general fund revenues by more than $15 million in the fiscal year in which the amendment was enacted or any of the succeeding four fiscal years. The $15 million threshold is adjusted for inflation annually beginning in 2024. Virginia also deconforms from all amendments occurring between adjournment sine die of the previous regular session and the first day of the subsequent regular session if the cumulative impact of such amendments would increase or decrease general fund revenues by more than $75 million in the fiscal year in which the amendments were enacted or any of the succeeding four fiscal years. Deconformity under rolling conformity does not apply to any federal tax changes that the General Assembly subsequently adopts or to any federal tax extender. However, the twelfth enactment of the 2025 Appropriation Act temporarily paused rolling conformity generally for any federal tax changes enacted on or after January 1, 2025, but before January 1, 2027, and thereby still required Virginia to conform to any federal tax changes that the General Assembly subsequently adopts and to any federal tax extenders.

• Vivian E. Watts Democratic · primary

1. Jan 13, 2026 Prefiled and ordered printed with emergency clause; Offered 01-14-2026 26103241D · lower
2. Jan 13, 2026 Referred to Committee on Finance · lower
3. Jan 16, 2026 House committee offered · lower
4. Jan 26, 2026 House subcommittee offered · lower
5. Jan 26, 2026 Fiscal Impact statement From TAX (1/26/2026 12:36 pm) · lower
6. Jan 26, 2026 Fiscal Impact statement From TAX (1/26/2026 12:40 pm) · lower
7. Jan 28, 2026 House committee offered · lower
8. Jan 28, 2026 Reported from Finance with substitute and referred to Appropriations (22-Y 0-N) · lower
9. Jan 29, 2026 Committee substitute printed 26106211D-H1 · lower
10. Feb 18, 2026 Left in Committee Appropriations · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Finance Substitute · PDF
• Finance Substitute · HTML
• Finance Substitute · PDF
• Finance Substitute · HTML
• Finance Substitute · PDF
• Finance Substitute · HTML
• Introduced · PDF
• Introduced · HTML