As you may have heard or read, there was a late change to the Commonwealth of Virginia's tax laws, advancing the date of conformity so that the Virginia tax laws reflect the changes made at the federal level by the Tax Cuts and Jobs Act of 2017.
TurboTax is fully up
to date with respect to the recent Virginia conformity change. As this was a
change that mostly effects processing of tax returns, there were no significant
forms changes.
Many taxpayers are
finding that their federal and state refunds are smaller than expected, or that
they even owe taxes, largely due to less withholding being taken from paychecks
in 2018 and the features of the revised tax law.
The changes recently
enacted into law in Virginia, for the most part, simply advanced the date of
Virginia's conformity to the Internal Revenue Code to fully incorporate the
features of the Tax Cuts and Jobs Act of 2017. As has been true in recent
history, Virginia still deconforms from federal law with respect to Bonus
Depreciation, NOL carrybacks, and cancellation of debt income.
For more
information, please refer to this Bulletin from the Virginia Department of
Taxation:
Virginia
2018 Tax Conformity Legislation
