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
Date | Action |
---|---|
01/12/2010 | Committee |
01/12/2010 | Prefiled and ordered printed with emergency clause; offered 01/13/10 10102662D |
01/12/2010 | Referred to Committee on Finance |
01/16/2010 | Impact statement from TAX (HB614) |
01/17/2010 | Impact statement from TAX (HB614) |
02/10/2010 | Committee substitute printed 10105333D-H1 |
02/10/2010 | Reported from Finance with substitute (19-Y 1-N) (see vote tally) |
02/10/2010 | Referred to Committee on Appropriations |
02/14/2010 | Impact statement from TAX (HB614H1) |
02/16/2010 | Left in Appropriations |
Comments
The VSCPA supports this bill. For more information please visit http://www.vscpa.com/Content/VSCPA/LegislativeRegulatory/2010SessionWatch.aspx.