Income tax, state; rolling conformity, report.

Income tax; rolling conformity; report. Provides that, beginning with taxable year 2022, Virginia shall generally conform to federal tax laws on a rolling basis, meaning that Virginiatax laws incorporate changes to the Internal Revenue Code as soonas Congress enacts them. However, the bill provides that Virginiashall not conform to (i) any changes in a single act of Congresswith an impact of more than 0.3 percent on revenues in the year inwhich the amendment was enacted or any of the next four years and(ii) all changes enacted by Congress during the taxable year if their aggregate impact is more than 0.6 percent on the revenues for thatyear or any of the next four years.