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HR1 provisions pose multi‑year revenue decisions for Virginia; tax department urges early conformity decision
Summary
Kristen Collins of the Virginia Department of Taxation told the Senate Finance and Appropriations Committee that HR1 contains a mix of extenders and substantive tax changes that could affect Virginia if the General Assembly elects to conform.
Kristen Collins of the Virginia Department of Taxation told the Senate Finance and Appropriations Committee that HR1 — the federal bill enacted July 4 — contains a mix of tax extenders and substantive changes that could affect Virginia if the General Assembly elects to conform.
Collins said many high‑profile individual provisions are “below the line” on federal returns and therefore would not automatically change Virginia returns, but several business provisions — notably the special depreciation (bonus depreciation) and a change restoring immediate domestic research expense deductions — would have meaningful state revenue effects.
The nut graf: The department presented preliminary fiscal estimates showing most near‑term negative revenue impacts flow from business provisions and from the…
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