Virginia Governor Signs Budget Bill, Includes Tax Related Provisions

The Virginia Governor signed a budget bill. The law includes: 1) providing an Internal Revenue Code (IRC) conformity date of Dec. 31, 2025, with any amendment thereafter extending the expiration date of a federal tax provision to which Virginia conforms or has previously conformed, with certain provided exceptions; 2) removing the sunset date for making an annual pass-through entity election to pay income tax at the entity level; 3) removing the sunset date for credits for taxes paid to other states by pass-through entities deemed to have been paid by their individual owners; 4) providing adjustments to federal taxable income ...