General Assembly Takes a Big Step Toward Meaningful Tax Reform, Conformity

Date: February 08, 2019

NFIB’s state director for Virginia said the agreement by legislative leaders to return $976 million to taxpayers and make Virginia’s tax code conform with federal tax changes is a big relief to the small businesses.
 
“The version of House Bill 2529 passed with bipartisan support this morning by the Senate Finance Committee means we’re one step closer to meaningful tax reform,” State Director Nicole Riley said.  
 
“Unless the General Assembly changes the commonwealth’s tax code, Virginians won’t be able to enjoy the benefits of 2017’s historic federal tax reforms,” Riley said. 
 
NFIB has consistently said that any tax reform legislation must conform to the federal tax changes and provide additional tax relief in an expedited manner so small businesses and individuals can realize these benefits this year.  
 
Riley also applauded lawmakers for agreeing to send taxpayers $420 million in refunds to make up for the higher state taxes they’ll likely pay as an unintended consequence of the Tax Cuts and Jobs Act.
 
“Virginia hasn’t made significant changes to its tax code in over 30 years,” Riley said. “Our members applaud the General Assembly and Governor Northam for working together to provide real relief to Virginia’s taxpayers.”
 

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