Income tax laws; conformity to Internal Revenue Code. (HB614)

Introduced By

Del. Bob Purkey (R-Virginia Beach)

Description

Conformity with Internal Revenue Code.  Advances the date as of which Virginia's system of taxation conforms with the Internal Revenue Code (IRC) from December 31, 2008, to December 31, 2009, and adds three new exceptions; the deferral of certain income under 108 (i) of the IRC, the original issue discount on applicable high yield discount obligations under IRC 163 (e)(5)(F), and the amount of the deduction allowed for domestic production activities pursuant to 199 of the IRC. Taxpayers are preparing and filing returns during the Session, therefore, the bill contains an emergency clause.   View Full Text »

Outcome

Comments

1 vote