SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2007 SESSION
HB 2920 Income tax, personal and corporate; statute of limitations for abuse tax avoidance transactions.
Introduced by: Stephen C. Shannon | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Abusive income tax avoidance transactions; statute of limitations. Extends from three years to six years the period in which the Department of Taxation may assess income tax for any tax return filed based in whole or in part on an abusive tax avoidance transaction. An "abusive tax avoidance transaction" means a transaction that has been identified by the Tax Commissioner as such a transaction and that has been published by the Tax Commissioner.
SUMMARY AS PASSED HOUSE:
Abusive income tax avoidance transactions; statute of limitations. Extends from three years to six years the period in which the Department of Taxation may assess income tax for any tax return filed based in whole or in part on an abusive tax avoidance transaction. An "abusive tax avoidance transaction" means a transaction that does not have a lawful basis for reducing income taxes owed to the Commonwealth and that was entered into for the purpose of creating tax benefits with no other meaningful or legitimate economic purpose.
SUMMARY AS INTRODUCED:
Abusive income tax avoidance transactions; statute of limitations. Extends from three years to seven years the period in which the Department of Taxation may assess income tax for any tax return filed based in whole or in part on an abusive tax avoidance transaction. An "abusive tax avoidance transaction" means a transaction that does not have a lawful basis for reducing income taxes owed to the Commonwealth and that was entered into for the purpose of or has the effect of creating tax benefits with no other meaningful or legitimate economic purpose.