Virginia · 2025 Regular Session · Bill
HB 1550: Taxation; rate of interest.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
HB 1550 is a bill introduced in the Virginia House on October 29, 2024. According to its official title, it concerns: Taxation; rate of interest. Primary sponsor: Joe McNamara (Republican). It lists 2 additional sponsors. Most recent recorded action (February 4, 2025): Left in Finance.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
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.
Sponsors
Sponsors by party (alphabetical): Republican 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Joe McNamara | Primary sponsor | Republican | House | 40 |
| Ian T. Lovejoy | Co-sponsor | Not applicable (committee) | — | — |
| David Owen | Co-sponsor | Not applicable (committee) | — | — |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Left in Finance
- Subcommittee recommends laying on the table (5-Y 2-N)
- Assigned Finance sub: Subcommittee #2
- Impact statement from TAX (HB1550)
- Referred to Committee on Finance
- Prefiled and ordered printed; Offered 01-08-2025 25100559D