Tax Conformity is Law

Posted on 02.08.12

Source: VSCPA: 2012 Session Watch

Gov. Bob McDonnell provided a swift resolution to the 2012 tax conformity process, signing HB 516 into law Tuesday afternoon.

The bill conforms the Virginia tax code with the U.S. Internal Revenue Code (IRC), advancing conformity from Dec. 31, 2010, to Dec. 31, 2011. It also restores conformity to certain provisions of the federal earned income tax credit (EITC) for taxable year 2011 for purposes of Virginia’s low-income taxpayer income tax credit.

The bill passed both chambers quickly, clearing the House of Delegates on Jan. 19 and the Senate on Jan. 26. Because the bill contains an emergency clause, it goes into effect immediately.

Visit the VSCPA 2012 Session Watch page for more information on the bill and other issues that affect Virginia CPAs and taxpayers.

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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