Income taxes, state; recognition of income from dealer disposition of property under installment. (SB978)
Introduced By
Sen. Richard Stuart (R-Westmoreland) with support from co-patron Sen. Robert Hurt (R-Chatham)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Income taxes; recognition of income from dealer dispositions of property. Allows the income from dealer dispositions of property made on or after January 1, 2009, to be recognized under the installment method at the election of the taxpayer, provided that (i) the election relating to the dealer disposition of the property has been made on or before the due date prescribed by law for filing the taxpayer's income tax return, and (ii) the dealer disposition is in accordance with restrictions and conditions established by the Department. Amends § 58.1-322 (“Virginia taxable income of residents.”), § 58.1-402 (“Virginia taxable income.”), of the Code of Virginia. View Full Text »
