Del. Joe McNamara

Commending the ASK Childhood Cancer Foundation.

Time zone of the Commonwealth. Providesthat the Commonwealth shall observe Eastern Daylight Time (EasternStandard Time, advanced one hour) year-round upon the enactment byCongress of a law allowing states to observe Eastern Daylight Timeyear-round.

Revenue Stabilization Fund and Revenue ReserveFund; required deposits. Requires deposit of any revenues thatwould be required to be deposited in the Revenue Stabilization Fundor Revenue Reserve Fund to be deposited in the Taxpayer Relief Fund,established by the bill, in certain circumstances. Such depositsshall be made if the combined balance in the Revenue StabilizationFund or Revenue Reserve Fund exceeds 15 percent of the Commonwealth'saverage annual tax revenues derived from taxes on income and retailsales.

Sales and use tax; accommodations for transients.Provides that the term "retail sale" shall include the sale ofaccommodations to transients for less than 30 days. Under currentlaw, "retail sale" includes such sales to transients for less than90 days.

Income tax; deduction for qualified businessincome. Establishes, beginning with tax year 2024, an individualincome tax deduction in an amount equal to 50 percent of certainfederal qualified business income deductions, excluding qualified real estate investment trust dividends.

Corporate income tax; apportionment. Allows,for taxable years beginning on and after January 1, 2024, for corporationsto apportion their income to the Commonwealth using the single salesfactor method. The bill provides that such apportionment method shallbe used only if the corporation makes an election to do so.

Taxation; rate of interest. Provides that(i) the rate of interest on omitted taxes and assessments is equalto the Underpayment Rate established by the Internal Revenue Codeand (ii) the rate of interest on refunds is equal to the OverpaymentRate for noncorporate taxpayers established by the Internal RevenueCode. Current law provides that (a) the rate of interest on omittedtaxes and assessments is equal to the Underpayment Rate plus twopercent and (b) the rate of interest on refunds is equal to the OverpaymentRate for noncorporate taxpayers plus two percent.

Transient occupancy taxes; administration.Makes changes to the administration of transient occupancy taxesby requiring the Department of Taxation, instead of the locality,to collect such taxes. The bill directs accommodations intermediariesto file aggregated returns with the Department, which shall includethe gross receipts, applicable tax rates, amounts due to each locality,and other information. The bill provides that the Department shallthen distribute such tax revenues to the applicable locality. Thebill also directs the Department to contract with a third-party providerfor development of an electronic interface that enables accommodationsintermediaries, beginning on July 1, 2025, to provide a single filingand remittance system for transient occupancy taxes due for all localities.

Distribution of state sales and use tax basedon the population of cities and counties ages five to 19 and for the state's share of Standards of Quality basic aid payments.

Contributing to the delinquency of a minor;sex offenders; penalty. Creates a Class 6 felony for any person18 years of age or older who engages in consensual sexual intercourseor anal intercourse with or performs cunnilingus, fellatio, or anilingusupon or by a child 15 or older not his spouse, child, or grandchildwhile such person is required to register with the Sex Offender andCrimes Against Minors Registry.