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2020 SESSION
HB 1417 Income tax, state; reporting requirements for partnerships.
Introduced by: Vivian E. Watts | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
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.
FULL TEXT
- 01/08/20 House: Prefiled and ordered printed; offered 01/08/20 20102759D pdf | impact statement
- 02/05/20 House: Committee substitute printed 20107357D-H1 pdf | impact statement
- 03/03/20 House: Bill text as passed House and Senate (HB1417ER) pdf | impact statement
- 04/10/20 Governor: Acts of Assembly Chapter text (CHAP1030) pdf
AMENDMENTS
HISTORY
- 01/08/20 House: Prefiled and ordered printed; offered 01/08/20 20102759D
- 01/08/20 House: Referred to Committee on Finance
- 01/29/20 House: Assigned Finance sub: Subcommittee #3
- 01/31/20 House: Subcommittee recommends reporting with substitute (8-Y 0-N)
- 02/05/20 House: Committee substitute printed 20107357D-H1
- 02/05/20 House: Reported from Finance with substitute (22-Y 0-N)
- 02/06/20 House: Read first time
- 02/07/20 House: Read second time
- 02/07/20 House: Committee substitute agreed to 20107357D-H1
- 02/07/20 House: Engrossed by House - committee substitute HB1417H1
- 02/10/20 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/10/20 House: VOTE: Block Vote Passage (99-Y 0-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 (15-Y 0-N)
- 02/26/20 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/26/20 Senate: Read third time
- 02/26/20 Senate: Passed Senate (40-Y 0-N)
- 03/03/20 House: Enrolled
- 03/03/20 House: Bill text as passed House and Senate (HB1417ER)
- 03/03/20 House: Signed by Speaker
- 03/04/20 Senate: Signed by President
- 03/12/20 House: Enrolled Bill communicated to Governor on March 12, 2020
- 03/12/20 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
- 04/10/20 Governor: Approved by Governor-Chapter 1030 (effective 7/1/20)
- 04/10/20 Governor: Acts of Assembly Chapter text (CHAP1030)