Virginia Adopts Budget, Includes Tax Related Provisions

The Virginia Governor signed a budget bill, with certain line-items vetoed, and with certain vetoes deemed not properly made. The law includes: 1) effective May 2, temporarily pausing rolling conformity to the Internal Revenue Code (IRC) by not automatically conforming to any amendment to the IRC enacted on or after Jan. 1, 2025, but before Jan. 1, 2027; 2) for taxpayers filing 2024 returns by Nov. 3, providing an individual income tax rebate of up to $200 for a single taxpayer, or up to $400 for married taxpayers filing a joint return; 3) extending the sunset date for the elective ...