Bill Text: VA SB376 | 2018 | Regular Session | Chaptered

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Bill Title: Income tax, state; modifying restrictions related to entities.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2018-03-30 - Governor: Acts of Assembly Chapter text (CHAP0621) [SB376 Detail]

Download: Virginia-2018-SB376-Chaptered.html

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CHAPTER 621 An Act to modify the restrictions related to entities entitled to voluntary contributions of tax refunds and their listing on individual income tax returns. [S 376] Approved March 30, 2018

 

Be it enacted by the General Assembly of Virginia:

1. §1. For taxable years beginning on and after January 1, 2018, but before January 1, 2021, notwithstanding the provisions of subdivision A 2 of §58.1-344.3 of the Code of Virginia, the entity listed in subdivision B 13 of §58.1-344.3 shall be listed on the individual income tax return regardless of whether it meets the requirements of subdivision A 1 of § 58.1-344.3.

§2. For taxable years beginning on and after January 1, 2021, the entity listed in subdivision B 13 of §58.1-344.3 of the Code of Virginia shall be listed on the individual income tax return only if it meets the requirements of subdivision A 1 of §58.1-344.3; however, it shall not be removed from the individual income tax return for failure to meet such requirements in any taxable year prior to January 1, 2018.

§3. The entity listed in subdivision B 13 of §58.1-344.3 of the Code of Virginia shall count as one of the maximum of 25 contributions listed on the individual income tax return pursuant to subdivision A 3 a of § 58.1-344.3 unless it is removed for a taxable year beginning on and after January 1, 2021.