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2020 SESSION
HB 1220 Income tax, state; amended return notice, interest accrual period.
Introduced by: Kathy K.L. Tran | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
State income tax; amended return notice; interest accrual period. Provides that if the Department of Taxation is made aware that a taxpayer is required to file an amended federal income tax return, the Department would be required to notify such taxpayer in writing regarding whether an amended Virginia income tax return is also required to be filed. This requirement would apply with respect to taxpayers subject to the individual income tax, corporate income tax, and the income tax imposed on estates and trusts. This bill would give the Department the discretion to waive interest due on an underpayment of income taxes or the pass-through entity nonresident withholding tax if a return was submitted in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer. Under current law, the Department is required to waive any applicable penalties in this situation, but does not have the authority to waive interest.
FULL TEXT
- 01/07/20 House: Prefiled and ordered printed; offered 01/08/20 20104276D pdf | impact statement
- 02/05/20 House: Committee substitute printed 20106760D-H1 pdf | impact statement
- 02/25/20 Senate: Committee substitute printed 20108938D-S1 pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
HISTORY
- 01/07/20 House: Prefiled and ordered printed; offered 01/08/20 20104276D
- 01/07/20 House: Referred to Committee on Finance
- 01/23/20 House: Assigned Finance sub: Subcommittee #1
- 02/03/20 House: Subcommittee recommends reporting with substitute (9-Y 1-N)
- 02/05/20 House: Committee substitute printed 20106760D-H1
- 02/05/20 House: Reported from Finance with substitute (17-Y 4-N)
- 02/06/20 House: Read first time
- 02/07/20 House: Read second time
- 02/07/20 House: Committee substitute agreed to 20106760D-H1
- 02/07/20 House: Engrossed by House - committee substitute HB1220H1
- 02/10/20 House: Read third time and passed House (85-Y 12-N)
- 02/10/20 House: VOTE: Passage (85-Y 12-N)
- 02/11/20 Senate: Constitutional reading dispensed
- 02/11/20 Senate: Referred to Committee on Finance and Appropriations
- 02/25/20 Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N)
- 02/25/20 Senate: Committee substitute printed 20108938D-S1
- 02/26/20 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/26/20 Senate: Read third time
- 02/26/20 Senate: Reading of substitute waived
- 02/26/20 Senate: Committee substitute agreed to 20108938D-S1
- 02/26/20 Senate: Engrossed by Senate - committee substitute HB1220S1
- 02/26/20 Senate: Passed Senate with substitute (40-Y 0-N)
- 02/26/20 House: Senate substitute rejected by House 20108938D-S1 (0-Y 94-N)
- 02/26/20 House: VOTE: REJECTED (0-Y 94-N)
- 02/26/20 Senate: Senate insisted on amendments (40-Y 0-N)
- 02/26/20 Senate: Senate requested conference committee
- 02/27/20 House: House acceded to request
- 02/27/20 House: Conferees appointed by House
- 02/27/20 House: Delegates: Tran, Watts, Bloxom
- 02/27/20 Senate: Conferees appointed by Senate
- 02/27/20 Senate: Senators: Locke, Petersen, Vogel
- 03/12/20 House: No further action taken
- 03/12/20 House: Failed to pass in House