Income tax, personal and corporate; statute of limitations for abuse tax avoidance transactions. (HB2920)
Introduced By
Del. Steve Shannon (D-Vienna) with support from 21 copatrons, whose average partisan position is:
Those copatrons are Del. Kris Amundson (D-Mount Vernon), Del. Ward Armstrong (D-Martinsville), Del. Mamye BaCote (D-Newport News), Del. William Barlow (D-Smithfield), Del. Bob Brink (D-Arlington), Del. Chuck Caputo (D-Oak Hill), Del. Al Eisenberg (D-Arlington), Del. David Englin (D-Alexandria), Del. Frank Hall (D-Richmond), Del. Dwight Jones (D-Richmond), Del. Paula Miller (D-Norfolk), Del. Brian Moran (D-Alexandria), Del. Ken Plum (D-Reston), Del. David Poisson (D-Sterling), Del. Jim Scott (D-Merrifield), Del. Mark Sickles (D-Alexandria), Del. David Toscano (D-Charlottesville), Del. Shannon Valentine (D-Lynchburg), Del. Vivian Watts (D-Annandale), Sen. Adam Ebbin (D-Alexandria), Sen. Lynwood Lewis (D-Accomac)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
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. Read the Bill »
Status
03/19/2007: signed by governor
History
Date | Action |
---|---|
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) |