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

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