SB664
Internal Revenue Code and state taxation; conformity of tax laws of the Commonwealth.
Status:
In Senate
Latest Action:
Jan. 31, 2026
Senate: Fiscal Impact statement From TAX (1/31/2026 1:49 pm)
Chief Patron:
Louise Lucas (D)
Session:
2026 Regular Session
Summary
As Introduced. Conformity of the tax laws of the Commonwealth to the Internal Revenue Code and state taxation.
Provides that Virginia will deconform from certain provisions of the Internal Revenue Code for state income tax purposes, including the suspension of the overall limitation on itemized deductions, the bonus depreciation allowance for certain assets, the limitation on the election to expense certain depreciable business assets, the deduction for domestic ... (More) research or experimental expenditures, and the modification of the limitation on business interest. (Less)-
Bill History
- 01/14/2026 - Senate: Prefiled and ordered printed; Offered 01-14-2026 26101004D
- 01/14/2026 - Senate: Referred to Committee on Finance and Appropriations
- 01/31/2026 - Senate: Fiscal Impact statement From TAX (1/31/2026 1:49 pm)
