HB1737: Income tax, state; conforms State with Internal Revenue Code.

HOUSE BILL NO. 1737
Offered January 14, 2009
Prefiled January 7, 2009
A BILL to amend and reenact 58.1-301 of the Code of Virginia, relating to conformity of the Commonwealth's taxation system with the Internal Revenue Code.
Patron-- Purkey

Committee Referral Pending

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, 2007 2008, except for:

1. The special depreciation allowance for certain property provided for under 168 (k), 168 (l), 168 (m), 1400L, and 1400N 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.