VSCPA Monitors, Takes Positions on Virginia General Assembly Action

February 1, 2007

The VSCPA actively monitors all legislative and regulatory action in the Commonwealth to ensure Virginia's CPAs have the most up-to-date information on changes that could affect their CPA licenses, their clients and the public at-large. Preventing legislation that could negatively affect the CPA profession or designation is a key component of the VSCPA's 2007 legislative agenda.

Below are bills of interest to Virginia CPAs, including information on VSCPA positions, when offered.

Health insurance premiums tax credit (HB 1616): This bill would give a tax credit to employers who pay for at least one-half of the total annual health insurance premium on behalf of each employee.

Virginia Budget Office (HB 1619): Would establish a Virginia Budget Office in the legislative branch of the state government.

Tax conformity (HB 1696): The VSCPA actively supports this legislation to conform Virginia's tax code to the Internal Revenue Code by bringing the fixed date of conformity forward to December 31, 2006. Click here for more information on the VSCPA's support.

Investment return guarantees (HB 1697): Would create a Virginia program to make investment return guarantees for certain investments made between January 1, 2007, and January 1, 2012, in venture capital funds that invest in Virginia technology firms.

Public/private education investment tax credit (HB 1843): Would create income tax credits for businesses and taxpayers who make contributions to eligible public school and scholarship foundations.

Office of State Auditor (HB 1907): The VSCPA opposed this bill to create an Office of State Auditor as of January 1, 2009, and provide for the election of the state auditor for an eight-year term beginning with the November 2008 election. The legislation would repeal the provisions establishing the Auditor of Public Accounts effective January 1, 2009. Currently, the bill has been tabled in the House General Laws Committee.

Nonprofit hospitals reporting to Department of Taxation (HB 2022): Would require nonprofit hospitals to provide a copy of any federal 990 or 990-EZ tax form filed with the U.S. Internal Revenue Service to the Virginia Department of Taxation, among other forms.

Financial literacy in colleges and universities (HB 2513): The VSCPA supports this amended bill to require all Virginia public colleges and universities to promote economic and financial literacy principles in an existing general education course, the freshman orientation process or another appropriate outlet. More information on the VSCPA's position is available here.

Enterprise zone incentive grants (HB 2805): Would allow Gov. Kaine to include in his budget bill an additional appropriation to make full payment on prorated incentive grants awarded in the prior fiscal year.

Private institutions of higher education benefits consortium (HB 3021): Would authorize five or more private educational institutions to form a benefits consortium to establish a self-funded employee welfare benefit plan, subject to the Employee Retirement Income Security Act of 1974.

Public-Private Partnership Advisory Commission (SB 756): Would establish an advisory commission to advise public entities that are agencies or institutions of the Commonwealth on proposals received pursuant to the Public-Private Transportation Act of 1995 and the Public-Private Education Facilities and Infrastructure Act of 2002.

Virginia Board of Accountancy statute (SB 1395): The VSCPA supports this legislation to update the public accountancy statute in many areas.

Questions about any of these issues? Contact VSCPA Government Affairs Director Erin Collins at (800) 733-8272, and watch the VSCPA Web site for updates.