Bill Text: VA SB545 | 2010 | Regular Session | Engrossed
Bill Title: Income tax laws; conformity to Internal Revenue Code.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2010-03-14 - House: Left in Appropriations [SB545 Detail]
Download: Virginia-2010-SB545-Engrossed.html
10102666D
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, 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; 2. The carry-back of certain net operating losses for five
years under §172(b)(1)(H) of the Internal Revenue Code 3. The deferral of certain income under §108 (i) of the Internal Revenue Code; 4. The original issue discount on applicable high yield discount obligations under §163 (e)(5)(F); and [ 2. That an emergency exists and this act is in force from its passage. [ 3. Notwithstanding the provisions of subsection B.3. of section 58.1-301, two thirds of any income derived in taxable year 2009 from the cancellation of indebtedness income which has been deferred in taxable year 2009 from federal taxable income pursuant to §108 (i) of the Internal Revenue Code may be subtracted from 2009 taxable income and deferred as follows: one third of such income may be deferred until taxable year 2010 and one third of such income may be deferred until taxable year 2011. ] |