HB2920: Income tax, personal and corporate; statute of limitations for abuse tax avoidance transactions.

Chief Patron

Steve Shannon (D-35)
Vienna, VA
Served: 2004–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/19/2007: signed by governor

View Entire History

01/10/2007 Committee
01/10/2007 Prefiled and ordered printed; offered 01/10/07 073418502
01/10/2007 Referred to Committee on Finance
01/18/2007 Assigned Finance sub: #1 (Orrock)
01/26/2007 Impact statement from TAX (HB2920)
01/31/2007 Reported from Finance with amendments (15-Y 5-N) (see vote tally)
02/02/2007 Read first time
02/03/2007 Read second time
02/03/2007 Committee amendments #'s 1 and 3 agreed to
02/03/2007 Committee amendment #2 rejected
02/03/2007 Amendment by Delegate Shannon agreed to
02/03/2007 Pending question ordered
02/03/2007 Engrossed by House as amended HB2920E
02/03/2007 Printed as engrossed 073418502-E
02/05/2007 Read third time and passed House (79-Y 19-N)
02/05/2007 VOTE: PASSAGE (79-Y 19-N) (see vote tally)
02/05/2007 Communicated to Senate
02/06/2007 Constitutional reading dispensed
02/06/2007 Referred to Committee on Finance
02/07/2007 Impact statement from TAX (HB2920E)
02/14/2007 Reconsideration of Pass By for the Day agreed to (40-Y 0-N)
02/14/2007 Constitutional reading dispensed (40-Y 0-N)
02/14/2007 Reconsideration of Passed by for the day agreed to (40-Y 0-N)
02/14/2007 VOTE: (40-Y 0-N) (see vote tally)
02/14/2007 Passed by for the day
02/15/2007 Read third time
02/15/2007 Reading of amendment waived
02/15/2007 Committee amendment agreed to
02/15/2007 Engrossed by Senate as amended
02/15/2007 Passed Senate with amendment (38-Y 0-N)
02/15/2007 VOTE: (38-Y 0-N) (see vote tally)
02/16/2007 Placed on Calendar
02/19/2007 Senate amendment rejected by House (2-Y 97-N)
02/19/2007 VOTE: REJECTED (2-Y 97-N) (see vote tally)
02/21/2007 Senate insisted on amendment (38-Y 0-N)
02/21/2007 VOTE: (38-Y 0-N) (see vote tally)
02/21/2007 Senate requested conference committee
02/22/2007 House acceded to request
02/22/2007 Conferees appointed by House
02/22/2007 Delegates: Shannon, Orrock, Nixon
02/22/2007 Conferees appointed by Senate
02/22/2007 Senators: Watkins, Potts, Lambert
02/23/2007 Conference substitute printed 077162502-H1
02/23/2007 Passed by temporarily
02/23/2007 Reading of conference report waived
02/23/2007 Conference report agreed to by Senate (39-Y 0-N)
02/23/2007 VOTE: (39-Y 0-N) (see vote tally)
02/23/2007 Conference report agreed to by House (89-Y 8-N)
02/23/2007 VOTE: ADOPTION (89-Y 8-N) (see vote tally)
03/12/2007 Enrolled
03/12/2007 Bill text as passed House and Senate (HB2920ER)
03/12/2007 Signed by President
03/13/2007 Signed by Speaker
03/15/2007 Impact statement from TAX (HB2920ER)
03/19/2007 G Approved by Governor-Chapter 524 (effective 7/1/07)
03/27/2007 G Acts of Assembly Chapter text (CHAP0524)

Summary

Abusive income tax avoidance transactions; statute of limitations. Extends from three years to seven years the period in which the Department of Taxation may assess income tax for any tax return filed based in whole or in part on an abusive tax avoidance transaction. An "abusive tax avoidance transaction" means a transaction that does not have a lawful basis for reducing income taxes owed to the Commonwealth and that was entered into for the purpose of or has the effect of creating tax benefits with no other meaningful or legitimate economic purpose.

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