Income tax, state; reporting requirements for partnerships. (HB1417)

Introduced By

Del. Vivian Watts (D-Annandale)

Progress

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

Description

Income tax; reporting requirements for partnerships. Alters the process by which partnerships report federal tax adjustments to the Department of Taxation. The federal Bipartisan Budget Act of 2015, P.L. 114-74, generally shifted the burden of reporting adjustments from a partnership's investors and owners to the partnership itself. The bill would allow a partnership to report to its owners and investors any information required under Virginia law or to report such information on behalf of its owners and investors. The bill establishes processes and deadlines by which partnerships are required to report such information, and pay any associated taxes, to the Department. Read the Bill »

Status

02/11/2020: In Committee

History

DateAction
01/08/2020Committee
01/08/2020Prefiled and ordered printed; offered 01/08/20 20102759D
01/08/2020Referred to Committee on Finance
01/29/2020Assigned Finance sub: Subcommittee #3
01/30/2020Impact statement from TAX (HB1417)
01/31/2020Subcommittee recommends reporting with substitute (8-Y 0-N)
02/05/2020Committee substitute printed 20107357D-H1
02/05/2020Reported from Finance with substitute (22-Y 0-N) (see vote tally)
02/06/2020Read first time
02/07/2020Read second time
02/07/2020Committee substitute agreed to 20107357D-H1
02/07/2020Engrossed by House - committee substitute HB1417H1
02/10/2020Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/10/2020VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/11/2020Constitutional reading dispensed
02/11/2020Referred to Committee on Finance and Appropriations
02/17/2020Impact statement from TAX (HB1417H1)

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