VirginiaTaxation; rate of interest.
What it does
Taxation; rate of interest. Provides that (i) the rate of interest on omitted taxes and assessments is equal to the Underpayment Rate established by the Internal Revenue Code and (ii) the rate of interest on refunds is equal to the Overpayment Rate for noncorporate taxpayers established by the Internal Revenue Code. Current law provides that (a) the rate of interest on omitted taxes and assessments is equal to the Underpayment Rate plus two percent and (b) the rate of interest on refunds is equal to the Overpayment Rate for noncorporate taxpayers plus two percent.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Feb 4Left in FinanceLatest
- Jan 28Subcommittee recommends laying on the table (5-Y 2-N)
- Vote recorded Subcommittee recommends laying on the table (5-Y 2-N). Result: pass.Lower
- Jan 25Assigned Finance sub: Subcommittee #2Minor
- Jan 24Impact statement from TAX (HB1550)
- 2024
- Oct 29Referred to Committee on FinanceMinor
- Oct 29Prefiled and ordered printed; Offered 01-08-2025 25100559DIntroduced