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

Introduced By

Del. Bob Purkey (R-Virginia Beach)

Progress

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

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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2010Committee
01/12/2010Prefiled and ordered printed with emergency clause; offered 01/13/10 10102662D
01/12/2010Referred to Committee on Finance
01/16/2010Impact statement from TAX (HB614)
01/17/2010Impact statement from TAX (HB614)
02/10/2010Committee substitute printed 10105333D-H1
02/10/2010Reported from Finance with substitute (19-Y 1-N) (see vote tally)
02/10/2010Referred to Committee on Appropriations
02/14/2010Impact statement from TAX (HB614H1)
02/16/2010Left in Appropriations

Comments

Virginia Society of CPAs, tracking this bill in Photosynthesis, notes:

The VSCPA supports this bill. For more information please visit http://www.vscpa.com/Content/VSCPA/LegislativeRegulatory/2010SessionWatch.aspx.