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2010 SESSION
SB 545 Income tax laws; conformity to Internal Revenue Code.
Introduced by: Charles J. Colgan | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Conformity with Internal Revenue Code. Advances the date as of which Virginia's system of taxation conforms with the Internal Revenue Code (IRC) from December 31, 2008, to December 31, 2009, and adds two new exceptions: the deferral of certain income under § 108 (i) of the IRC for taxable year 2009 is only allowed ratably through taxable year 2011 and the deferral is not allowed for taxable years other than 2009, and deconformity from the original issue discount on applicable high yield discount obligations under IRC § 163 (3)(5)(f). Taxpayers are preparing and filing returns during the General Assembly Session, therefore, the bill contains an emergency clause.
SUMMARY AS INTRODUCED:
Conformity with Internal Revenue Code. Advances the date as of which Virginia's system of taxation conforms with the Internal Revenue Code (IRC) from December 31, 2008, to December 31, 2009, and adds three new exceptions; the deferral of certain income under § 108 (i) of the IRC, the original issue discount on applicable high yield discount obligations under IRC § 163 (e)(5)(F), and the amount of the deduction allowed for domestic production activities pursuant to § 199 of the IRC. Taxpayers are preparing and filing returns during the General Assembly Session, therefore, the bill contains an emergency clause.