Internal Revenue Code; conformity of the Commonwealth's taxation system.

Conformity of the Commonwealth's taxation systemwith the Internal Revenue Code; emergency. Advances Virginia'sdate of conformity with the Internal Revenue Code from December 31,2020, to December 31, 2021. The bill also deconforms from provisionsof the (i) federal Coronavirus Aid, Relief, and Economic SecurityAct (CARES Act) related to the net operating loss limitation andcarryback, a loss limitation applicable to taxpayers other than corporations,the limitation on business interest, and certain loan forgivenessand other business financial assistance and (ii) federal AmericanRescue Plan Act related to restaurant revitalization grants and emergencyinjury disaster loans received for taxable years beginning beforeJanuary 1, 2021. The bill contains an emergency clause.