Income tax laws; conformity to Internal Revenue Code. (SB545)

Introduced By

Sen. Chuck Colgan (D-Manassas)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Failed


01/13/2010Prefiled and ordered printed with emergency clause; offered 01/13/10 10102666D
01/13/2010Referred to Committee on Finance
01/16/2010Impact statement from TAX (SB545)
01/17/2010Impact statement from TAX (SB545)
02/10/2010Reported from Finance with amendment (15-Y 0-N) (see vote tally)
02/11/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/12/2010Read second time
02/12/2010Reading of amendment waived
02/12/2010Committee amendment agreed to
02/12/2010Passed by for the day
02/15/2010Read second time
02/15/2010Passed by for the day
02/16/2010Amendment #3 by Senator Hanger rejected
02/16/2010Passed by temporarily
02/16/2010Read second time
02/16/2010Committee amendment reconsidered (39-Y 0-N) (see vote tally)
02/16/2010Committee amendment rejected
02/16/2010Amendment #1 by Senator Saslaw withdrawn
02/16/2010Amendment #3 by Senator Colgan rejected
02/16/2010Reading of amendment waived
02/16/2010Amendment #2 by Senator Saslaw agreed to
02/16/2010Committee amendment reconsidered (40-Y 0-N) (see vote tally)
02/16/2010Committee amendment agreed to
02/16/2010Engrossed by Senate as amended SB545E
02/16/2010Printed as engrossed 10102666D-E
02/16/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/16/2010Passed Senate (40-Y 0-N) (see vote tally)
02/17/2010Placed on Calendar
02/17/2010Read first time
02/17/2010Referred to Committee on Appropriations
02/24/2010Impact statement from TAX (SB545E)
03/14/2010Left in Appropriations


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 26 minutes.


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

The VSCPA supports this bill. For more information please visit