Friday, August 29, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB582: Income tax, state; conformity of system with Internal Revenue Code.
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-301 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-301. Conformity to Internal Revenue Code.
A. Any term used in this chapter shall have the same meaning as when used in a comparable context in the laws of the United States relating to federal income taxes, unless a different meaning is clearly required.
B. Any reference in this chapter to the laws of the United
States relating to federal income taxes shall mean the provisions of the
Internal Revenue Code of 1954, and amendments thereto, and other provisions of
the laws of the United States relating to federal income taxes, as they existed
on December 31, 2006 2007,
except for:
1. The special depreciation allowance for certain property provided for under § 168 (k) of the Internal Revenue Code; and
2. The carry-back of certain net operating losses for five years under § 172 (b) (1) (H) of the Internal Revenue Code.
2. That an emergency exists and this act is in force from its passage.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.