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2011 SESSION

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SB 179 Income tax laws; conformity to Internal Revenue Code.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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.


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