Issue Alert: Virginia General Assembly May Pass Legislation to Change Date of Tax Conformity
The 2004 Virginia General Assembly, has introduced legislation that affects the preparation of 2003 tax returns for the current filing season. H.B. 107, and now S.B. 526, would roll forward Virginia's fixed date of conformity to federal tax law to December 31, 2003, with exceptions for special bonus depreciation and the NOL carryback. Because the bill contains an emergency clause, Gov. Warner could sign it immediately into law if passed by the General Assembly. Virginia's current fixed date of conformity with federal tax law is December 31, 2002. However, Virginia does not conform with the special bonus depreciation or the five-year carry back of net operating losses. At present, Virginia does not conform with the 2003 Jobs and Growth Reconciliation Act (JGTRRA), which allows for an increase from $25,000 to $100,000 in the annual limitation for the Section 179 deduction and an increase in the phase-out threshold from $200,000 to $400,000. In addition, Virginia does not conform with the recently passed Military Family Relief Act. All software companies that are members of the National Association of Computerized Tax Processors (NACTP) have been informed of the legislation and the possibility that, in the near future, software may need to be updated and re-released. If you have any questions, e-mail VSCPA Government Affairs Director Erin Collins or call her at (800) 733-8272. LAST UPDATED 9/14/2009
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