2009 Virginia General Assembly Watch
Click on the links below to learn more about potential legislation that could affect Virginia CPAs:
2009 Positions
Based upon member feedback, the VSCPA Board of Directors has approved the following positions on behalf of the VSCPA. Click on the bill number to view the current status or full text of the bill:
Support
- SJ 340: VSCPA Centennial resolution. Commends the VSCPA on its 100th anniversary.
- HJ 681: Study of corporate income tax system. If passed, the VSCPA will pursue participating in the study as an information resource.
- SB 905: Requires Virginia Department of Taxation to provide taxpayer representatives with copies of power-of-attorney correspondence.
- SJ 324: Creates a joint committee to study the corporate income tax formula for multistate service corporations. If passed, the VSCPA will pursue participating in the study as an information resource.
- HB 1737/SB 985: Tax conformity.
Oppose
- SB 1521: Would have repealed financial literacy education requirement. Read the VSCPA’s comment letter voicing opposition.
- HB 2590: Would have created an alternative system for OPEB reporting. Read the VSCPA’s comment letter voicing opposition or check out our issue summary.
Neutral
- HB 2437: Single sales factor apportionment for manufacturers. The VSCPA’s neutral position is consistent with its role as an information resource during the study conducted last year.
Bills of Interest
The VSCPA Legislation Review Task Force has identified the following additional bills which may of interest to members. The VSCPA has not taken positions on these bills and is simply monitoring them for informational purposes.
Tax-related
- HB 1590: Income tax, state; toll payment tax credit.
- HB 1597: Neighborhood Assistance Act Tax Credit; makes localities' health care programs eligible to receive.
- HB 1730: Tax legislation; requires a sunset date of no more than four years on all.
- HB 1830: Setoff Debt Collection Act; allows local governments to collect past due local taxes.
- HB 1891: Land preservation tax credit; reduces amount that may be claimed for taxable years 2009 & 2010.
- HB 1965: Public/Private Education Investment Tax Credit; created for business entities making contributions.
- HB 2332: Enterprise zone economic incentive grants; increases amount of investment made to be eligible.
- HB 2376: Estate tax; reinstates federal credit amount State will receive payments from deaths after Jan. 1.
- HB 2378: Noncorporate entities; minimum tax is imposed on telecommunications and electric suppliers.
- HB 2383: Tax and fee discounts and allowances; eliminates dealer tax and fee discounts and allowances.
- HB 2504: Income tax, corporate; real estate investment trusts.
- SB 924: Retail Sales and Use Tax; refund of tax paid for certain machinery or equipment.
- SB 946: Noncorporate entities; minimum tax is imposed on telecommunications and electric suppliers.
- SB 987: Retail Sales and Use Tax; requirements for dealer or direct permit holder discount.
- SB 1165: Enterprise zone economic incentive grants; eligibility therefor.
- SB 1246: Retaliatory costs tax credit; extends carry-over period to 10 years.
- SJ 275: Constitutional amendment; property tax exemption for certain veterans (first reference).
Financial Literacy
- HB 2112: Financial literacy education; school board to implement objectives in grades K through 12.
- HB 2552: Diploma requirements; Board of Education to include standard credit in economics & personal finance.
Other
- HB 1589: Retirement System; duty of employers to provide accurate information to correct erroneous records.
- HB 2435: Uniform Principal and Income Act; trustee required to demand certain distributions if requested.
- SB 1241: Limited liability companies; bound by its operating agreement whether or not executes.
If you have questions or comments, contact VSCPA Government Affairs Director Emily Walker at (800) 733-8272.
