Bill > HB30

This bill enacts the Budget Bill for the Commonwealth of Virginia, providing for all appropriations submitted by the Governor and covering revenues for the fiscal years ending June 30, 2027, and June 30, 2028. * **Tax Code Amendments:** The bill makes numerous amendments to the Virginia Tax Code, primarily focusing on subtractions and deductions from Virginia taxable income. These changes affect various types of income, including military pay, retirement income, disability income, lottery winnings, and income derived from specific investments and business activities. It also modifies provisions related to tax credits for low-income taxpayers and the elective income tax on pass-through entities. * **Sales and Use Tax Exemptions:** The bill modifies exemptions from sales and use tax for certain industries and activities, including those related to industrial materials, public service corporations, ships and vessels, semiconductor manufacturing, data centers, and beer production. * **Contingent Effective Dates and Expirations:** Several provisions have contingent effective dates, particularly those related to sales tax sourcing rules for telecommunications companies, property information and analytics firms, and internet root infrastructure providers. Some provisions are set to expire on specific dates, such as the exemption for machinery and equipment used to generate energy from sunlight or wind, which expires June 30, 2027. Other provisions are repealed effective January 1, 2027. * **Administrative Process Act Exemption:** Guidelines developed by the Tax Commissioner to implement certain provisions of the bill are exempt from the Administrative Process Act. * **Expiration of Enactment:** The provisions of the fourth enactment of this act will expire at midnight on June 30, 2028.