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 beginning in the third quarter of calendar year 2025 and thereafter. 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 Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jan 28Passed by indefinitely in Finance and Appropriations (10-Y 4-N)Latest
- Vote recorded Passed by indefinitely in Finance and Appropriations (10-Y 4-N). Result: pass.Upper
- Jan 23Impact statement from TAX (SB1423)
- Jan 16Referred to Committee on Finance and AppropriationsMinor
- Jan 16Presented and ordered printed 25104434DIntroduced
- Jan 28Passed by indefinitely in Finance and Appropriations (10-Y 4-N)Latest