HB 1550 Virginia House of Delegates · 2025 Regular Session

Taxation; rate of interest.

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 status in committee 1 of 4 stages cleared

Introduction

Oct 2024

Committee Review

Floor Vote

Governor

Introduced Oct 29, 2024 Last action Feb 4, 2025

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jan 28, 2025

Lower · Passed

Subcommittee recommends laying on the table (5-Y 2-N)

lower

Jan 25, 2025

Committee

Assigned Finance sub: Subcommittee #2

lower

Oct 29, 2024

Committee

Referred to Committee on Finance

lower

1 primary · 2 co-sponsors