Conformity Bill Passes Senate, Heads to McDonnell’s Desk

In a welcome development for Virginia taxpayers and tax return preparers, the Virginia Senate passed HB 516 on Thursday. The bill would advance conformity with the U.S. Internal Revenue Code (IRC) from Dec. 31, 2010, to Dec. 31, 2011.

The bill had passed the Virginia House of Delegates on Jan. 19 before going to the Senate and now goes to Gov. Bob McDonnell’s desk for his signature. It contains an emergency clause that means it will be effective as soon as McDonnell signs.

“We want to make sure that there’s a level of certainty and consistency for taxpayers as well as the CPA profession in being able to apply the laws that exist in this state,” VSCPA Board of Directors Chair Damon DeSue, CPA, said.

The bill’s companion legislation, SB 463, passed the Senate on Jan. 23. Typically, only one bill must be signed in order for conformity to be enacted.

The VSCPA officially supports both bills and has met with legislators to encourage their swift passage. VSCPA staff and members discussed conformity with legislators during CPA Assembly Day on Jan. 17.

Keep an eye on the VSCPA 2012 Session Watch page for updates on conformity and other legislation that could affect Virginia CPAs and taxpayers.

LAST UPDATED 1/26/2012
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