# Virginia SB1423: Taxation; rate of interest.

Virginia SB1423, Taxation; rate of interest., is a 2025 Regular Session Senate bill sponsored by T. Travis Hackworth (Republican); status failed, last action 2025-01-28 (Passed by indefinitely in Finance and Appropriations (10-Y 4-N)) (as of 2026-10-17).

- Canonical: https://policyrisk.com/state-bill/VA-SB1423-2025
- As of: 2026-10-17
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia SB1423
- State: Virginia
- Session: 2025 Regular Session
- Title: Taxation; rate of interest.
- Status: failed
- Chamber: Senate
- Introduced: 2025-01-16
- Last action: 2025-01-28, Passed by indefinitely in Finance and Appropriations (10-Y 4-N)
- Sponsor: T. Travis Hackworth (Republican)
- Cosponsors: 0
- Subjects: Finance and Appropriations
- Touches household money: no
- Roll calls: 1 (10 yes, 4 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 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.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: T. Travis Hackworth (Republican), Senate

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-01-28 | Senate | Passed by indefinitely in Finance and Appropriations | pass | 10 | 4 |   |

## Actions (4)

- 2025-01-28: Passed by indefinitely in Finance and Appropriations (10-Y 4-N) (Senate)
- 2025-01-23: Impact statement from TAX (SB1423) (Senate)
- 2025-01-16: Referred to Committee on Finance and Appropriations (Senate)
- 2025-01-16: Presented and ordered printed 25104434D (Senate)

## Bill text

- Amendment, 2025-02-07: [HTML](https://lis.blob.core.windows.net/files/1044080.HTML)
- Introduced, 2025-01-16: [HTML](https://lis.blob.core.windows.net/files/1021765.HTML), [PDF](https://lis.blob.core.windows.net/files/1021764.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/1044080.HTML)
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1021765.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1021764.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)
- [Virginia bills](https://policyrisk.com/states/virginia/bills)
- [Virginia state hub](https://policyrisk.com/states/virginia)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/VA-SB1423-2025 (as of 2026-10-17).