Virginia Senate Bill 1423

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 16 2025 - 25% progression
Action: 2025-01-28 - Passed by indefinitely in Finance and Appropriations (10-Y 4-N)
Text: Latest bill text (Introduced) [HTML]

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.

Taxation; rate of interest on omitted taxes and assessments.

Sen. Travis Hackworth [R]

2025-01-28 - Senate - Passed by indefinitely in Finance and Appropriations (10-Y 4-N) (Y: 10 N: 4 NV: 0 Abs: 1) [PASS]

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

Type	Source
Summary	https://lis.virginia.gov/bill-details/20251/SB1423
Text	https://lis.virginia.gov/bill-details/20251/SB1423/text/SB1423
Amendment	https://lis.virginia.gov/bill-details/20251/SB1423/text/SB1423ASC1
Supplement	https://lis.blob.core.windows.net/files/1026931.PDF
Roll Call	https://lis.virginia.gov/vote-details/SB1423/20251/S05V758