Income tax laws; conformity to Internal Revenue Code. (SB179)

Introduced By

Sen. Walter Stosch (R-Glen Allen)

Progress

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

Description

Income tax laws; conformity to Internal Revenue Code.  Advances conformity with federal income tax laws to December 31, 2009, for taxable year 2009 and to December 31, 2010, for taxable year 2010, with three additional exceptions.

The bill also provides that amendments to the Internal Revenue will not apply for Virginia tax purposes in taxable years beginning in the calendar year in which the amendments are enacted if the Tax Commissioner determines that (i) the amendment, or combination of related amendments, would reduce Virginia tax revenue by $5 million or more in any fiscal year, or (ii) any group of amendments would together reduce Virginia tax revenue by $25 million or more in any fiscal year. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2010Prefiled and ordered printed with emergency clause; offered 01/13/10 10103592D
01/11/2010Referred to Committee on Finance
01/17/2010Impact statement from TAX (SB179)
02/10/2010Continued to 2011 in Finance (15-Y 0-N) (see vote tally)
12/02/2010Left in Finance