Income tax, state; rolling conformity with the Internal Revenue Code.

Income tax; rolling conformity with the InternalRevenue Code. Provides that, beginning with taxable year 2021,Virginia shall generally conform to federal tax laws on a rollingbasis, meaning that Virginia tax laws incorporate changes to theInternal Revenue Code as soon as Congress enacts them. However, thebill provides that, unless subsequently adopted by the General Assembly,Virginia shall not conform to any amendments to the Internal RevenueCode that have an impact of more than 0.25 percent on general fundrevenues in the fiscal year in which the amendment was enacted orany of the next four fiscal years. The Secretary of Finance, in consultationwith the Chairmen of the Senate Committee on Finance and Appropriationsand the House Committees on Appropriations and Finance, shall beresponsible for determining when an amendment meets these criteria.The Secretary of Finance shall also provide an annual report to suchchairmen on the fiscal impact of amendments to the Internal RevenueCode.