Summary: Tangible personal property taxes; classificationof certain motor vehicles, trailers, and semitrailers. Providesthat the separate class of property for rate purposes that includesmotor vehicles, trailers, and semitrailers with a gross vehicle weightof 10,000 pounds or more used by a motor carrier engaged in interstatecommerce on a for-hire basis shall also include such vehicles usedto transport passengers. Under current law, this class of propertyonly includes such vehicles if they are used to transport property.

Summary: Income tax exclusion for Paycheck ProtectionPlan loan forgiveness. Establishes an income tax exclusion forforgiveness of indebtedness on a loan received under the CoronavirusAid, Relief, and Economic Security (CARES) Act through the PaycheckProtection Plan. The exclusion would be available starting in taxableyear 2020.

Summary: Income tax; rolling conformity with the InternalRevenue Code. Provides that, beginning with taxable year 2021,Virginia shall generally conform to federal tax laws on a rollingbasis, meaning that Virginia tax laws incorporate changes to theInternal Revenue Code as soon as Congress enacts them. However, thebill provides that, unless subsequently adopted by the General Assembly,Virginia shall not conform to any amendments to the Internal RevenueCode that have an impact of more than 0.25 percent on general fundrevenues in the fiscal year in which the amendment was enacted orany of the next four fiscal years. The Secretary of Finance, in consultationwith the Chairmen of the Senate Committee on Finance and Appropriationsand the House Committees on Appropriations and Finance, shall beresponsible for determining when an amendment meets these criteria.The Secretary of Finance shall also provide an annual report to suchchairmen on the fiscal impact of amendments to the Internal RevenueCode.

Summary: Conformity of the Commonwealth's taxation system with the Internal Revenue Code; emergency. Advances Virginia's date of conformity with the Internal Revenue Code from December 31, 2019, to December 31, 2020. The bill adds exceptions to such conformity for suspension of the overall limitation on itemized deductions and the reduction in the medical expense deduction floor for taxable year 2017 and taxable years on and after January 1, 2019, and for the provisions of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) related to the net operating loss limitation and carryback, a loss limitation applicable to taxpayers other than corporations, and the limitation on business interest. The bill also includes an individual income tax deduction in taxable year 2020 for business expenses funded with forgiven Paycheck Protection Program loans up to $25,000 and an individual income tax subtraction in taxable year 2020 for up to $25,000 in Rebuild Virginia grants.

Summary: Food and beverage tax; single-serving salads.Defines the term "single-serving" for purposes of local meals orfood and beverage taxes as having the same meaning as "serving" or"serving size" as those terms are defined in the Code of FederalRegulations.