VirginiaHB15502025 Regular SessionHouse

Taxation; rate of interest.

Sponsored By: Joseph P. McNamara (Republican)

Failed

Summary

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

Finance

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Joseph P. McNamara

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 5 • No: 2

House vote • 1/28/2025

Subcommittee recommends laying on the table

Yes: 5 • No: 2

Actions Timeline

  1. Left in Finance

    2/4/2025House
  2. Subcommittee recommends laying on the table (5-Y 2-N)

    1/28/2025House
  3. Assigned Finance sub: Subcommittee #2

    1/25/2025House
  4. Impact statement from TAX (HB1550)

    1/24/2025House
  5. Referred to Committee on Finance

    10/29/2024House
  6. Prefiled and ordered printed; Offered 01-08-2025 25100559D

    10/29/2024House

Bill Text

Related Bills

Back to State Legislation