Virginia Gov. Terry McAuliffe signed SB 1044, which advances Virginia’s date of conformity with the U.S. Internal Revenue Code (IRC) to Dec. 31, 2014, into law on Monday..
Because the bill contains an emergency clause, it took effect immediately. It passed the Senate on Jan. 26 and the House of Delegates on Feb. 9.
The bill’s House companion, HB 1727, passed the House on Jan. 30 and the Senate Finance Committee on Feb. 11. Only one bill needed to be signed for the legislation to take effect.
The VSCPA officially supports both bills and met with legislators to ensure their swift passage, including discussions on CPA Assembly Day on Jan. 20.