Income tax laws; conformity to Internal Revenue Code. (SB545)
Introduced By
Sen. Chuck Colgan (D-Manassas)
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 General Assembly Session, therefore, the bill contains an emergency clause. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/13/2010 | Prefiled and ordered printed with emergency clause; offered 01/13/10 10102666D |
| 01/13/2010 | Referred to Committee on Finance |
| 01/16/2010 | Impact statement from TAX (SB545) |
| 01/17/2010 | Impact statement from TAX (SB545) |
| 02/10/2010 | Reported from Finance with amendment (15-Y 0-N) (see vote tally) |
| 02/11/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/12/2010 | Read second time |
| 02/12/2010 | Reading of amendment waived |
| 02/12/2010 | Committee amendment agreed to |
| 02/12/2010 | Passed by for the day |
| 02/15/2010 | Read second time |
| 02/15/2010 | Passed by for the day |
| 02/16/2010 | Amendment #3 by Senator Hanger rejected |
| 02/16/2010 | Passed by temporarily |
| 02/16/2010 | Read second time |
| 02/16/2010 | Committee amendment reconsidered (39-Y 0-N) (see vote tally) |
| 02/16/2010 | Committee amendment rejected |
| 02/16/2010 | Amendment #1 by Senator Saslaw withdrawn |
| 02/16/2010 | Amendment #3 by Senator Colgan rejected |
| 02/16/2010 | Reading of amendment waived |
| 02/16/2010 | Amendment #2 by Senator Saslaw agreed to |
| 02/16/2010 | Committee amendment reconsidered (40-Y 0-N) (see vote tally) |
| 02/16/2010 | Committee amendment agreed to |
| 02/16/2010 | Engrossed by Senate as amended SB545E |
| 02/16/2010 | Printed as engrossed 10102666D-E |
| 02/16/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/16/2010 | Passed Senate (40-Y 0-N) (see vote tally) |
| 02/17/2010 | Placed on Calendar |
| 02/17/2010 | Read first time |
| 02/17/2010 | Referred to Committee on Appropriations |
| 02/24/2010 | Impact statement from TAX (SB545E) |
| 03/14/2010 | Left in Appropriations |
Comments
The VSCPA supports this bill. For more information please visit http://www.vscpa.com/Content/VSCPA/LegislativeRegulatory/2010SessionWatch.aspx.