# Virginia HB1550: Taxation; rate of interest.

Virginia HB1550, Taxation; rate of interest., is a 2025 Regular Session House bill sponsored by Joseph P. McNamara (Republican); status failed, last action 2025-02-04 (Left in Finance) (as of 2026-10-17).

- Canonical: https://policyrisk.com/state-bill/VA-HB1550-2025
- As of: 2026-10-17
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia HB1550
- State: Virginia
- Session: 2025 Regular Session
- Title: Taxation; rate of interest.
- Status: failed
- Chamber: House
- Introduced: 2024-10-29
- Last action: 2025-02-04, Left in Finance
- Sponsor: Joseph P. McNamara (Republican)
- Cosponsors: 0
- Subjects: Finance
- Touches household money: no
- Roll calls: 1 (5 yes, 2 no in all)
- Economic provisions PRIA read: 0

## 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.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Joseph P. McNamara (Republican), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-01-28 | House | Subcommittee recommends laying on the table | pass | 5 | 2 |   |

## Actions (6)

- 2025-02-04: Left in Finance (House)
- 2025-01-28: Subcommittee recommends laying on the table (5-Y 2-N) (House)
- 2025-01-25: Assigned Finance sub: Subcommittee #2 (House)
- 2025-01-24: Impact statement from TAX (HB1550) (House)
- 2024-10-29: Referred to Committee on Finance (House)
- 2024-10-29: Prefiled and ordered printed; Offered 01-08-2025 25100559D (House)

## Bill text

- Amendment, 2025-01-28: [HTML](https://lis.blob.core.windows.net/files/1032429.HTML)
- Introduced, 2024-10-29: [HTML](https://lis.blob.core.windows.net/files/1010949.HTML), [PDF](https://lis.blob.core.windows.net/files/1010948.PDF)

## Related bills

- HR671: Commending JR's Auto Care. (adopted)
- SB941: Robbery; use of air or gas operated weapon, etc., penalty. (failed)
- HB1746: Public safety officer; definition. (failed)
- HB1600: Budget Bill. (failed)
- SB1449: Data centers; site assessment for high energy use facility. (failed)
- HB1609: Essential health benefits benchmark plan; Commission to consider coverage for infertility treatment. (to governor)

## Sources
- [Amendment (HTML)](https://lis.blob.core.windows.net/files/1032429.HTML)
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1010949.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1010948.PDF)

## Related
- [HR671: Commending JR's Auto Care.](https://policyrisk.com/state-bill/VA-HR671-2025)
- [SB941: Robbery; use of air or gas operated weapon, etc., penalty.](https://policyrisk.com/state-bill/VA-SB941-2025)
- [HB1746: Public safety officer; definition.](https://policyrisk.com/state-bill/VA-HB1746-2025)
- [HB1600: Budget Bill.](https://policyrisk.com/state-bill/VA-HB1600-2025)
- [SB1449: Data centers; site assessment for high energy use facility.](https://policyrisk.com/state-bill/VA-SB1449-2025)
- [HB1609: Essential health benefits benchmark plan; Commission to consider coverage for i…](https://policyrisk.com/state-bill/VA-HB1609-2025)
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Source: PRIA, https://policyrisk.com/state-bill/VA-HB1550-2025 (as of 2026-10-17).