VirginiaSB14232025 Regular SessionSenate

Taxation; rate of interest.

Sponsored By: T. Travis Hackworth (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 beginning in the third quarter of calendar year 2025 and thereafter. 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 and Appropriations

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • T. Travis Hackworth

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 10 • No: 4

Senate vote • 1/28/2025

Passed by indefinitely in Finance and Appropriations

Yes: 10 • No: 4

Actions Timeline

  1. Passed by indefinitely in Finance and Appropriations (10-Y 4-N)

    1/28/2025Senate
  2. Impact statement from TAX (SB1423)

    1/23/2025Senate
  3. Referred to Committee on Finance and Appropriations

    1/16/2025Senate
  4. Presented and ordered printed 25104434D

    1/16/2025Senate

Bill Text

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