Income tax, state; reporting requirements for partnerships.

Income tax; reporting requirements for partnerships. Alters the process by which partnerships report federal tax adjustmentsto the Department of Taxation. The federal Bipartisan Budget Actof 2015, P.L. 114-74, generally shifted the burden of reporting adjustmentsfrom a partnership's investors and owners to the partnership itself.The bill would allow a partnership to report to its owners and investorsany information required under Virginia law or to report such informationon behalf of its owners and investors. The bill establishes processesand deadlines by which partnerships are required to report such information,and pay any associated taxes, to the Department.