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The shifting saga of tax conformity appears to be coming to a close. A positive resolution appears to be in sight in the form of a deal between both parties and the Governor’s administration that would conform Virginia’s tax code with the U.S. Internal Revenue Code effective Dec. 31, 2018. HB 2529 and SB 1372 passed their opposite chambers and are on track to reach the Governor’s desk by the end of this week after the amendments are affirmed in their chambers of origin.
The bills are identical, and each contains an emergency clause, meaning they will take effect with the Governor’s signature, which would allow the Virginia Department of Taxation to begin processing returns.
Here is a complete list of the changes contained in the bill:
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Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding penalties.
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