Analysis

Multistate Tax alert archive

State tax legislative, judicial, and administrative developments

​The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last five years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons.

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New Virginia laws address federal tax reform provisions

On February 15, 2019, Governor Ralph Northam signed House Bill 2529 (H.B. 2529) and Senate Bill 1372 (S.B. 1372) (collectively, the Bills) which include the following modifications to Virginia law:

  • Updates Virginia’s tax law to the Internal Revenue Code (IRC) as of December 31, 2018.
  • Provides a corporate income tax subtraction for Global Intangible Low-Taxed Income (GILTI) included in federal taxable income under the provisions of the federal Tax Cuts and Jobs Act.
  • Provides a corporate and individual subtraction equal to 20 percent of business interest disallowed pursuant to § 163(j) of the Internal Revenue Code.
  • Increases the standard deduction for individuals for taxable years beginning on and after January 1, 2019, but before January 1, 2026, to $4,500 for single individuals and $9,000 for married persons ($4,500 case of a married individual filing a separate return).
  • Decouples from the overall limitation on itemized deductions for individuals under the provisions of the federal Tax Cuts and Jobs Act for taxable years beginning on and after January 1, 2019.
  • Provides an individual income tax subtraction for the actual amount of real and personal property taxes not otherwise deducted solely on account of the dollar limitation imposed on individual deductions by § 164(b)(6)(B) of the Internal Revenue Code for taxable years beginning on and after January 1, 2019.
  • Provides a one-time special refund for individual income tax payers equal to $110 for an individual, or $220 for married persons filing a joint return for 2018.
  • Creates a special fund for revenue raised by individual tax reform provisions dedicated to future tax reform provisions.

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2018 Multistate Tax alerts

 

2017 Multistate Tax alerts

 

2016 Multistate Tax alerts

Find out what you missed in 2016. Explore our archive.

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2015 Multistate Tax alerts

Find out what you missed in 2015. Explore our archive.

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2014 Multistate Tax alerts

Find out what you missed in 2014. Explore our archive.

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