Virginia · 2025 Regular Session · Bill
SB 1423: 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
SB 1423 is a bill introduced in the Virginia Senate on January 16, 2025. According to its official title, it concerns: Taxation; rate of interest. Primary sponsor: Travis Hackworth (Republican). Most recent recorded action (January 28, 2025): Passed by indefinitely in Finance and Appropriations (10-Y 4-N).
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 beginning in the third quarter of calendar year 2025 and thereafter. 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 |
|---|---|---|---|---|
| Travis Hackworth | Primary sponsor | Republican | Senate | 5 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Passed by indefinitely in Finance and Appropriations (10-Y 4-N)
- Impact statement from TAX (SB1423)
- Referred to Committee on Finance and Appropriations
- Presented and ordered printed 25104434D