Code of Virginia - Title 58.1 Taxation - Chapter 3 Income Tax
58.1-300 Incomes not subject to local taxation
Except as provided in § 58.1-540, no county, city, town or other political subdivision of this Commonwealth shall impose any tax or levy upon incomes, ...
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 ...
58.1-302 Definitions
For the purpose of this chapter and unless otherwise required by the context: "Affiliated" means two or more corporations subject to Virginia income taxes whose ...
58.1-303 Residency for portion of tax year
A. Any person who, during the taxable year, becomes a resident of Virginia, whether domiciliary or actual, for purposes of income taxation, by moving to ...
58.1-305 Duties of commissioner of the revenue relating to income tax
Every commissioner of the revenue shall obtain an income tax return from every individual or fiduciary within his jurisdiction who is liable under the law ...
58.1-306 Filing of individual, estate or trust income tax returns with the Department
Every individual and fiduciary responsible for filing income tax returns may file such returns with the Department of Taxation or the appropriate commissioner of the ...
58.1-307 Disposition of returns; handling of state income tax payments; audit
A. As soon as the individual and fiduciary income tax returns have been received by the commissioner of the revenue and entered upon the assessment ...
58.1-308 Assessment and payment of deficiency; fraud; penalties
If the amount of tax computed by the Department is greater than the amount theretofore assessed, the excess shall be assessed by the Department and ...
58.1-309 Refund of overpayment
If the amount of taxes as computed is less than the amount theretofore paid, the excess shall be refunded out of the state treasury on ...
58.1-310 Examination of federal returns
Whenever in the opinion of the Department it is necessary to examine the federal income returns or any copy thereof of any individual, estate, trust, ...
58.1-311 Report of change in federal taxable income
If the amount of any individual, estate, trust or corporate taxpayer's federal taxable income reported on his federal income tax return for any taxable year ...
58.1-311.1 Report of change in taxes paid to other states.
If the amount of any individual taxpayer's income tax reported on a return filed with any other state for any taxable year is changed or ...
58.1-312 Limitations on assessment
A. The tax imposed by this chapter may be assessed at any time if: 1. No return is filed; 2. A false or fraudulent return ...
58.1-313 Immediate assessment where collection jeopardized by delay; notice of assessment; termination of ta...
A. If the Tax Commissioner determines that the collection of any income tax, penalties or interest required to be paid under this title will be ...
58.1-314 Lien of jeopardy assessment; notice of lien
Upon the completion of all acts necessary to effect a jeopardy assessment under § 58.1-313 and upon the failure of the taxpayer to make payment ...
58.1-315 Transitional modifications to Virginia taxable income
The modifications of Virginia taxable income to be made in accordance with subsection F of § 58.1-322 and subsection D of § 58.1-402, so long ...
58.1-316 Information reporting on rental payments to nonresident payees; penalties
A. Notwithstanding any other provision of this chapter, every nonresident payee receiving gross payments of $600 or more in any calendar year from the rental ...
58.1-317 Filing of estimated tax by nonresidents upon the sale of real property; penalties
A. Notwithstanding any other provision of this chapter, every nonresident payee receiving payments from the transfer of fee simple title in real property in this ...
58.1-320 Imposition of tax
A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows: Two percent on income not ...
58.1-321 Exemptions and exclusions
A. No tax levied pursuant to § 58.1-320 is imposed, nor any return required to be filed by: 1. A single individual where the Virginia ...
58.1-322 Virginia taxable income of residents
A. The Virginia taxable income of a resident individual means his federal adjusted gross income for the taxable year, which excludes combat pay for certain ...
58.1-323 Description unavailable
Repealed by Acts 1987, c. 9, effective for taxable years beginning on and after January 1, 1988. ...
58.1-323.1 , 58.1-323.2
Repealed by Acts 2000, c. 419. ...
58.1-324 Husband and wife
A. If the federal taxable income of husband or wife is determined on a separate federal return, their Virginia taxable incomes shall be separately determined. ...
58.1-325 Virginia taxable income of nonresident individuals, partners, beneficiaries and certain shareholder...
A. The Virginia taxable income of a nonresident individual, partner or beneficiary shall be an amount bearing the same proportion to his Virginia taxable income, ...
58.1-326 Husband and wife when one nonresident
If husband or wife is a resident and the other is a nonresident, separate taxes shall be determined on their separate Virginia taxable incomes on ...
58.1-330 Description unavailable
Repealed by Acts 1990, cc. 507, 525, effective for taxable years beginning on and after January 1, 1990. ...
58.1-331 Energy income tax credit
A. Any individual shall be allowed a credit against the tax imposed by § 58.1-320 of an amount equaling twenty percent of renewable energy source ...
58.1-332 Credits for taxes paid other states
A. Whenever a Virginia resident has become liable to another state for income tax on any earned or business income or any gain on the ...
58.1-332.1 Credit for taxes paid to a foreign country on retirement income
A. Whenever a Virginia resident has become liable to a foreign country for income tax paid on any pension or retirement income to the extent ...
58.1-333 Description unavailable
Repealed by Acts 2001, cc. 292, 300. ...
58.1-334 Tax credit for purchase of conservation tillage equipment
A. Any individual shall be allowed a credit against the tax imposed by § 58.1-320 of an amount equaling 25 percent of all expenditures made ...
58.1-335 Description unavailable
Repealed by Acts 1990, c. 875, effective for taxable years beginning on and after January 1, 1990. ...
58.1-336 Description unavailable
Repealed by Acts 2001, cc. 293 and 299. ...
58.1-337 Tax credit for purchase of advanced technology pesticide and fertilizer application equipmen...
A. Any individual engaged in agricultural production for market who has in place a nutrient management plan approved by the local Soil and Water Conservation ...
58.1-339 Tax credit for rent reductions
For taxable years beginning on or after January 1, 1991, through December 31, 1999, any individual shall be entitled to a credit against the tax ...
58.1-339.1 Description unavailable
Repealed by Acts 1992, c. 394. ...
58.1-339.2 Historic rehabilitation tax credit
A. Effective for taxable years beginning on and after January 1, 1997, any individual, trust or estate, or corporation incurring eligible expenses in the rehabilitation ...
58.1-339.3 Agricultural best management practices tax credit
A. For all taxable years beginning on and after January 1, 1998, any individual who is engaged in agricultural production for market, or has equines ...
58.1-339.4 Qualified equity and subordinated debt investments tax credit
A. As used in this section: "Equity" means common stock or preferred stock, regardless of class or series, of a corporation; a partnership interest in ...
58.1-339.5 Description unavailable
Not in effect. ...
58.1-339.6 Political candidate contribution tax credit
For taxable years beginning on and after January 1, 2000, any individual shall be entitled to a credit against the tax levied pursuant to § ...
58.1-339.7 Livable Home Tax Credit
A. For taxable years beginning on and after January 1, 2000, any taxpayer who purchases a new residence or retrofits or hires someone to retrofit ...
58.1-339.8 Income tax credit for low-income taxpayers
A. As used in this section, unless the context requires otherwise: "Family Virginia adjusted gross income" means the combined Virginia adjusted gross income of an ...
58.1-339.9 Rent reductions tax credit
For taxable years beginning on and after January 1, 2000, through December 31, 2010, any individual shall be entitled to a credit against the tax ...
58.1-339.10 Riparian forest buffer protection for waterways tax credit
A. For all taxable years beginning on or after January 1, 2000, any individual who owns land abutting a waterway on which timber is harvested, ...
58.1-339.11 Long-term care insurance tax credit.
A. For taxable years beginning on or after January 1, 2006, any individual shall be entitled to a credit against the tax levied pursuant to ...
58.1-340 Accounting
A. An individual taxpayer's taxable year under this chapter shall be the same as his taxable year for federal income tax purposes. B. If a ...
58.1-341 Returns of individuals
A. On or before May 1 of each year if an individual's taxable year is the calendar year, or on or before the fifteenth day ...
58.1-341.1 Returns of individuals; voter registration information
For all taxable years beginning on and after January 1, 1995, the Department of Taxation shall include in any packet of instructions and forms for ...
58.1-342 Special cases in which nonresident need not file Virginia return
A. A nonresident of Virginia who had no actual place of abode in this Commonwealth at any time during the taxable year and commuted on ...
58.1-343 Place of filing
A. Every resident who is required by this chapter to file a return shall file his return with the commissioner of the revenue for the ...
58.1-344 Extension of time for filing returns
A. In accordance with procedures established by the Tax Commissioner, any individual or fiduciary may elect an extension of time within which to file the ...
58.1-344.1 Postponement of time for performing certain acts
Penalty, interest, and addition to tax shall not apply or be computed with respect to the tax imposed in Article 2 of this chapter during ...
58.1-344.2 Voluntary contributions; cost of administration
For all voluntary contributions made on individual income tax returns for taxable years beginning on or after January 1, 2003, the Department of Taxation may ...
58.1-344.3 Voluntary contributions of refunds requirements
A. 1. For taxable years beginning on and after January 1, 2005, all entities entitled to voluntary contributions of tax refunds listed in subsections B ...
58.1-345 through 58.1-346
Repealed by Acts 2005, cc. 860 and 889, cl. 2. ...
58.1-346.4:1 through 58.1-346.24
Repealed by Acts 2005, cc. 860 and 889, cl. 2. ...
58.1-347 Penalty for failure to file income tax returns in time
All individual or fiduciary income tax returns required by law to be filed with the commissioner of the revenue shall be filed with the commissioner ...
58.1-348 Criminal prosecution for failure or refusal to file return of income or for making false statement ...
Notwithstanding any other provisions of this title and in addition to any other penalties provided by law, any individual or fiduciary required under this chapter ...
58.1-348.1 Fraudulent assistance; penalty
Any income tax return preparer, as defined in § 58.1-302, who knowingly and willfully aids or assists in, counsels or advises the preparation or presentation ...
58.1-348.2 Authority to enjoin income tax return preparers
A. The Department may commence a civil action to enjoin any person who is an income tax return preparer from further engaging in any conduct ...
58.1-349 Information returns prima facie evidence
In any prosecution under § 58.1-348, any information return filed with the Department of Taxation or with the local commissioners of the revenue, as required ...
58.1-350 Procuring returns from delinquent individuals or fiduciaries
The commissioner of the revenue shall secure a return from every delinquent individual or fiduciary within his jurisdiction, or if any such individual or fiduciary ...
58.1-351 When, where and how individual income taxes payable and collectible
Each individual and fiduciary liable for income tax shall pay the same to the treasurer of the county or city with whose commissioner of the ...
58.1-352 Memorandum assessments
The commissioner of the revenue shall prepare a memorandum assessment if the taxpayer, on filing his return, desires to pay in currency. Such memorandum shall ...
58.1-353 Duties of county and city treasurer in collecting tax
Each county and city treasurer shall proceed promptly to collect all individual and fiduciary income taxes for the taxable year that have been assessed by ...
58.1-354 Separate individual income assessment sheets or forms; how kept
The assessment of individual income taxes shall be made on separate sheets or forms to be prescribed by the Department, all copies of which shall ...
58.1-355 Income taxes of members of armed services on death
The provisions of § 692 (a) and (c) of the Internal Revenue Code, as amended, shall be applicable in the same manner for purposes of ...
58.1-360 Imposition of tax
A tax is hereby annually imposed, at the rates prescribed by § 58.1-320 for individuals, on the Virginia taxable income for each taxable year of ...
58.1-361 Virginia taxable income of a resident estate or trust
A. The Virginia taxable income of a resident estate or trust means its federal taxable income for the taxable year to which there shall be ...
58.1-362 Virginia taxable income of a nonresident estate or trust
The Virginia taxable income of a nonresident estate or trust shall be its share of income, gain, loss and deduction attributable to Virginia sources as ...
58.1-363 Share of a nonresident estate, trust or beneficiary in income from Virginia sources
A. The share of a nonresident estate or trust under § 58.1-362 and the share of a nonresident beneficiary of any estate or trust under ...
58.1-370 Credit to trust beneficiary receiving accumulation distribution
A. A beneficiary of a trust whose Virginia taxable income includes all or part of an accumulation distribution by such trust, as defined in the ...
58.1-371 Credits for taxes paid other states
The provisions of § 58.1-332 shall be applicable mutatis mutandis to trusts and estates. (Code 1950, § 58-151.027; 1971, Ex. Sess., c. 171; 1984, c. ...
58.1-380 Accounting
A. An estate and trust taxable year under this chapter shall be the same as its taxable year for federal income tax purposes. B. If ...
58.1-381 Returns of estates and trusts
A. On or before May 1 of each year if the taxable year is a calendar year, or on or before the fifteenth day of ...
58.1-382 Place of filing
Every fiduciary required to file a return on behalf of an estate or trust shall file such return with the commissioner of the revenue having ...
58.1-383 Extension of time for filing returns
The provisions of § 58.1-344 shall be applicable to the extension of time for filing returns by a fiduciary on behalf of an estate or ...
58.1-390 Description unavailable
Repealed by Acts 2004, Sp. Sess. I, c. 3, effective September 1, 2004. ...
58.1-390.1 Definitions
The following words and terms, when used in this article, shall have the following meanings unless the context clearly indicates otherwise: "Owner" means any individual ...
58.1-390.2 Taxation of pass-through entities
Except as provided for in this article, owners of pass-through entities shall be liable for tax under this chapter only in their separate or individual ...
58.1-391 Virginia taxable income of owners of a pass-through entity
A. In determining Virginia taxable income of an owner, any modification described in § 58.1-322 that relates to an item of pass-through entity income, gain, ...
58.1-392 Reports by pass-through entities
A. Every pass-through entity doing business in Virginia, or having income from Virginia sources, shall make a return to the Department of Taxation on or ...
58.1-393 Description unavailable
Repealed by Acts 1988, c. 249. ...
58.1-393.1 Extension of time for filing return by pass-through entity
A. In accordance with procedures established by the Tax Commissioner, any pass-through entity may elect an extension of time within which to file the report ...
58.1-394 Description unavailable
Repealed by Acts 2004, Sp. Sess. I, c. 3, effective September 1, 2004. ...
58.1-394.1 Failure of pass-through entity to make a return
A. Any pass-through entity that fails to file a return required by this article within the time required shall be liable for a penalty of ...
58.1-394.2 Fraudulent returns, etc., of pass-through entities; penalty
A. Any officer or owner of any pass-through entity who makes a fraudulent return or statement with the intent of assisting or facilitating the evasion ...
58.1-394.3 Pass-through entity items.
A. The period for assessing any tax imposed by this chapter that is attributable to any pass-through entity item with respect to any owner of ...
58.1-395 Nonresident owners
Pass-through entities may make written application to the Tax Commissioner for permission to file a statement of combined pass-through entity income attributable to nonresident owners ...
58.1-400 Imposition of tax
A tax at the rate of six percent is hereby annually imposed on the Virginia taxable income for each taxable year of every corporation organized ...
58.1-400.1 Minimum tax on telecommunications companies
A. A telecommunications company shall be subject to a minimum tax, instead of the corporate income tax imposed by § 58.1-400, at the applicable rate ...
58.1-400.2 Taxation of electric suppliers, pipeline distribution companies, gas utilities, and gas supplier...
A. Any electric supplier, pipeline distribution company, gas utility, or gas supplier that is subject to income tax pursuant to the Internal Revenue Code of ...
58.1-400.3 Minimum tax on certain electric suppliers
A. 1. An electric supplier, except for those organized as cooperatives and exempt from federal taxation under § 501 of the Internal Revenue Code of ...
58.1-401 Exemptions and exclusions
No tax levied pursuant to §§ 58.1-400, 58.1-400.1 or § 58.1-400.2 is imposed on: 1. A public service corporation to the extent such corporation is ...
58.1-402 Virginia taxable income
A. For purposes of this article, Virginia taxable income for a taxable year means the federal taxable income and any other income taxable to the ...
58.1-403 Additional modifications to determine Virginia taxable income for certain corporations
In addition to the modifications set forth in § 58.1-402 for determining Virginia taxable income for corporations generally, the adjustments set forth in subdivision 1 ...
58.1-405 Corporations transacting or conducting entire business within this Commonwealth
If the entire business of the corporation is transacted or conducted within the Commonwealth, the tax imposed by this chapter shall be upon the entire ...
58.1-406 Allocation and apportionment of income
Any corporation having income from business activity which is taxable both within and without the Commonwealth shall allocate and apportion its Virginia taxable income as ...
58.1-407 How dividends allocated
Dividends received to the extent included in Virginia taxable income are allocable to the state of commercial domicile of the taxpaying corporation. (Code 1950, § ...
58.1-408 What income apportioned and how
The Virginia taxable income of any corporation, except those subject to the provisions of §§ 58.1-417, 58.1-418, 58.1-419, or § 58.1-420, excluding income allocable under ...
58.1-409 Property factor
The property factor is a fraction, the numerator of which is the average value of the corporation's real and tangible personal property owned and used ...
58.1-410 Valuation of property owned or rented
Property owned by the corporation shall be valued at its original cost plus the cost of additions and improvements. Property rented by the corporation shall ...
58.1-411 Average value of property
The average value of property shall be determined by averaging the value at the beginning and ending of the taxable year, but the Department may ...
58.1-412 Payroll factor
The payroll factor is a fraction, the numerator of which is the total amount paid or accrued in the Commonwealth during the tax period by ...
58.1-413 When compensation deemed paid or accrued in this Commonwealth
Compensation is paid or accrued in the Commonwealth if: 1. The employee's service is performed entirely within the Commonwealth; 2. The employee's service is performed ...
58.1-414 Sales factor
The sales factor is a fraction, the numerator of which is the total sales of the corporation in the Commonwealth during the taxable year, and ...
58.1-415 When sales of tangible personal property deemed in the Commonwealth
Sales of tangible personal property are in the Commonwealth if such property is received in the Commonwealth by the purchaser. In the case of delivery ...
58.1-416 When certain other sales deemed in the Commonwealth
Sales, other than sales of tangible personal property, are in the Commonwealth if: 1. The income-producing activity is performed in the Commonwealth; or 2. The ...
58.1-417 Motor carriers; apportionment
A. Motor carriers of property or passengers shall apportion their net apportionable income to this Commonwealth by the use of the ratio of vehicle miles ...
58.1-418 Financial corporations; apportionment
A. The Virginia taxable income of a financial corporation, as defined herein, excluding income allocable under § 58.1-407, shall be apportioned within and without this ...
58.1-419 Construction corporations; apportionment
A. Construction companies which have elected to report income on the completed contract basis shall apportion income within and without this Commonwealth in the ratio ...
58.1-420 Railway companies; apportionment
Notwithstanding the provisions of § 58.1-408, railway companies shall determine their net apportionable income to the Commonwealth by multiplying the Virginia taxable income of such ...
58.1-421 Alternative method of allocation
If any corporation believes that the method of allocation or apportionment hereinbefore prescribed as administered by the Department has operated or will so operate as ...
58.1-430 Description unavailable
Repealed by Acts 2001, cc. 292, 300. ...
58.1-431 Energy income tax credit
A. Any corporation shall be allowed a credit against the tax imposed by § 58.1-400 of an amount equaling twenty percent of renewable energy source ...
58.1-432 Tax credit for purchase of conservation tillage equipment
A. Any corporation shall be allowed a credit against the tax imposed by § 58.1-400 of an amount equaling 25 percent of all expenditures made ...
58.1-433.1 Virginia Coal Employment and Production Incentive Tax Credit
A. For taxable years beginning on and after January 1, 2001, every electricity generator in the Commonwealth shall be allowed a three-dollar-per-ton credit against the ...
58.1-434 Telecommunications income tax credit
Any telecommunications company as defined in § 58.1-400.1 shall receive the following credit against the tax imposed by § 58.1-400:
Taxable Year Tax Credit 1989 80% of the amount by which the tax imposed by § 58.1-400 exceeds 1.3% of gross receipts. 1990 70% of the amount by which the tax imposed by § 58.1-400 ...
58.1-435 Low-income housing credit
A. Any person shall be entitled to a credit against the tax imposed by Articles 2 (§ 58.1-320 et seq.), 6 (§ 58.1-360 et seq.), ...
58.1-436 Tax credit for purchase of advanced technology pesticide and fertilizer application equipmen...
A. Any corporation engaged in agricultural production for market which has in place a nutrient management plan approved by the local Soil and Water Conservation ...
58.1-437 Description unavailable
Repealed by Acts 1992, c. 394. ...
58.1-438 Description unavailable
Not effective. ...
58.1-438.1 Tax credit for vehicle emissions testing equipment, clean-fuel vehicles and certain refueling prope...
Any corporation, individual or public service corporation shall be allowed a credit against the income or gross receipts taxes imposed by Subtitle I (§ 58.1-100 ...
58.1-439 Major business facility job tax credit
A. For taxable years beginning on and after January 1, 1995, but before January 1, 2010, a taxpayer shall be allowed a credit against the ...
58.1-439.1 Clean fuel vehicle job creation tax credit
A. For taxable years beginning on or after January 1, 1996, through December 31, 2011, a corporation shall be eligible for a credit against the ...
58.1-439.2 Coalfield employment enhancement tax credit
A. For tax years beginning on and after January 1, 1996, but before January 1, 2015, any person who has an economic interest in coal ...
58.1-439.3 Qualifying steam producers tax credit
For tax years beginning on and after January 1, 1996, but before January 1, 2001, a steam producer shall be allowed a credit against the ...
58.1-439.4 Day-care facility investment tax credit
A. For taxable years beginning on and after January 1, 1997, any taxpayer shall be allowed a credit against the taxes imposed by § 58.1-320 ...
58.1-439.5 Agricultural best management practices tax credit
A. For all taxable years beginning on and after January 1, 1998, any corporation engaged in agricultural production for market who has in place a ...
58.1-439.6 Worker retraining tax credit
A. As used in this section, unless the context clearly requires otherwise: "Eligible worker retraining" means retraining of a qualified employee that promotes economic development ...
58.1-439.7 Tax credit for purchase of machinery and equipment for processing recyclable materials
A. For taxable years beginning on and after January 1, 1999, but before January 1, 2015, a taxpayer shall be allowed a credit against the ...
58.1-439.8 Alternate tax credit for purchase of machinery and equipment for processing recyclable material...
A. Beginning on and after January 1, 1998, a corporation making an investment of at least $350 million within the Commonwealth before January 1, 2003, ...
58.1-439.9 Tax credit for certain employers hiring recipients of Temporary Assistance for Needy Familie...
A. As used in this section: "Qualified business employer" means an employer whose business employed not more than 100 employees at the time that the ...
58.1-439.10 Tax credit for purchase of waste motor oil burning equipment
A. For taxable years beginning on and after January 1, 1999, a taxpayer who operates a business facility within the Commonwealth which accepts waste motor ...
58.1-439.11 Employees with disabilities tax credit
A. As used in this section, unless the context clearly requires otherwise: "Qualified employee" means an otherwise qualified person with a disability who has completed ...
58.1-439.12 Riparian forest buffer protection for waterways tax credit
A. For all taxable years beginning on or after January 1, 2000, any corporation that owns land abutting a waterway on which timber is harvested, ...
58.1-439.12:01 Credit for cigarettes manufactured and exported
A. For purposes of this section: "Base year export volume" means the number of cigarettes manufactured by a corporation, which cigarettes were also exported by ...
58.1-439.12:02 Biodiesel and green diesel fuels producers tax credit.
A. For purposes of this section: "Biodiesel fuel" means a fuel composed of mono-alkyl esters of long-chain fatty acids derived from vegetable oils or animal ...
58.1-439.13 Tax credit for investing in technology industries in tobacco-dependent localities
A. For purposes of this section: "Biotechnology company" means a taxpayer that (i) has paid or incurred qualified research expenses for research, development, production, or ...
58.1-439.14 Tax credit for research and development activity occurring in tobacco-dependent localitie...
A. As used in this section: "Eligible research and development activity" means qualified research expenses as defined in § 41 of the Internal Revenue Code ...
58.1-439.15 Technology Initiative in Tobacco-Dependent Localities Fund
There is hereby created in the Department of the Treasury a special fund that shall be known as the Technology Initiative in Tobacco-Dependent Localities Fund ...
58.1-439.15:01 Tax incentives for use of domestic tobacco.
A. Definitions. - As used in this section, unless the context requires a different meaning: "Domestic tobacco" means tobacco grown, produced, and processed entirely within ...
58.1-439.16 Tax Commissioner to promulgate regulations
Pursuant to the Administrative Process Act (§ 2.2-4000 et seq.), the Tax Commissioner shall promulgate regulations that are necessary or desirable to carry out the ...
58.1-439.17 Grants in lieu of or in addition to tax credits
Notwithstanding any provision of this article, the Tobacco Indemnification and Community Revitalization Commission may establish a grant program for purposes of encouraging qualified investments and ...
58.1-439.18 Definitions.
As used in this article: "Business firm" means any corporation, partnership, electing small business (Subchapter S) corporation, limited liability company, or sole proprietorship authorized to ...
58.1-439.19 Public policy; business firms; donations.
It is hereby declared to be public policy of the Commonwealth to encourage business firms to make donations to neighborhood organizations for the benefit of ...
58.1-439.20 Proposals; regulations; tax credits authorized; amount for programs.
A. Any neighborhood organization may submit a proposal to the Commissioner of the State Department of Social Services requesting an allocation of tax credits for ...
58.1-439.21 Tax credit; amount; limitation; carry over.
A. The Commissioner of the State Department of Social Services shall certify to the Department of Taxation, or in the case of business firms subject ...
58.1-439.22 Donations of professional services.
A. A sole proprietor, partnership or limited liability company engaged in the business of providing professional services shall be eligible for a tax credit under ...
58.1-439.23 Donations of contracting services.
A. A sole proprietor, partnership or limited liability company engaged in the business of providing contracting services shall be eligible for a tax credit under ...
58.1-439.24 Donations by individuals
For purposes of this section, the term "individual" means the same as that term is defined in § 58.1-302, but excluding any individual included in ...
58.1-440 Accounting
A. A corporate taxpayer's taxable year under this chapter shall be the same as his taxable year for federal income tax purposes. B. If a ...
58.1-440.1 Accounting-deferred taxes
In the case of a pipeline distribution company, a gas utility, a gas supplier or an electric supplier, as defined in § 58.1-400.2, that was ...
58.1-441 Reports by corporations
A. Every corporation organized under the laws of the Commonwealth, or having income from Virginia sources, other than a Subchapter S corporation subject to the ...
58.1-442 Separate, combined or consolidated returns of affiliated corporations
A. Corporations which are affiliated within the meaning of § 58.1-302 may, for any taxable year, file separate returns, file a combined return or file ...
58.1-443 Prohibition of worldwide consolidation or combination
Notwithstanding any other provisions of this chapter, the Department shall not require, and no corporation may elect, that a consolidation or combination of an affiliated ...
58.1-444 Several liability of affiliated corporations
Each affiliated corporation which was included in the consolidated return for any part of the consolidated return year shall be jointly and severally liable for ...
58.1-445 Consolidation of accounts
In any case of two or more related trades or businesses liable to taxation under this chapter owned or controlled directly or indirectly by the ...
58.1-445.1 Description unavailable
Repealed by Acts 1998, c. 253, effective December 31, 1998. ...
58.1-446 Price manipulation; intercorporate transactions; parent corporations and subsidiaries
When any corporation liable to taxation under this chapter by agreement or otherwise conducts the business of such corporation in such manner as either directly ...
58.1-447 Execution of returns of corporations
The return of a corporation with respect to income shall be signed by any officer duly authorized so to act. In the case of a ...
58.1-448 Forms to be furnished
Duplicate blank forms of reports shall be furnished by mail by the Department to the taxpayer at least thirty days before the time for filing ...
58.1-449 Supplemental reports
The Department may require a further or supplemental report under this chapter to contain further information and data necessary for the computation of the tax ...
58.1-450 Failure of corporation to make report or return
Any corporation which fails to make any report or return required by this chapter within the time required shall be liable to a penalty equal ...
58.1-451 Fraudulent returns, etc., of corporations; penalty
Any officer of any corporation who makes a fraudulent return or statement with intent to evade the payment of the taxes prescribed by this chapter ...
58.1-452 Fraudulent returns; criminal liability; penalty
In addition to other penalties provided by law, any officer of any corporation who makes a fraudulent return or statement with intent to evade the ...
58.1-453 Extension of time for filing returns by corporations
A. In accordance with procedures established by the Tax Commissioner, any corporation may elect an extension of time within which to file the income tax ...
58.1-454 Department may estimate corporation's tax when no return filed
If any report or return required to be made by any corporation under this chapter is not made as herein required, the Department is authorized ...
58.1-455 Time of payment of corporation income taxes; penalty and interest for nonpayment
A. Every corporation liable for income tax shall pay the same to the Department at the time fixed by law for filing the return. The ...
58.1-460 Definitions
For the purposes of this article: "Wages" means wages as defined under § 3401 (a) of the Internal Revenue Code, as well as any other ...
58.1-461 Requirement of withholding
Every employer making payment of wages shall deduct and withhold with respect to the wages of each employee for each payroll period an amount determined ...
58.1-462 Withholding tables
The amount of tax to be withheld for each individual shall be based upon tables to be prepared and distributed by the Tax Commissioner. The ...
58.1-463 Other methods of withholding
The Tax Commissioner may grant permission to employers who do not desire to use the withholding tax tables provided in accordance with § 58.1-462, to ...
58.1-464 Miscellaneous payroll period applicable to withholding in payment of certain wages; withholding on ...
A. If wages are paid with respect to a period which is not a payroll period, the amount to be deducted and withheld shall be ...
58.1-465 Overlapping pay periods, and payment by agent or fiduciary
The manner of withholding and the amount to be deducted and withheld under this article shall be determined in accordance with regulations prescribed by the ...
58.1-466 Additional withholding
The Tax Commissioner is authorized to provide by regulations, under such conditions and to such extent as he deems proper, for withholding in addition to ...
58.1-467 Failure of employer to withhold tax; payment by recipient of wages
If the employer, in violation of the provisions of this article, fails to deduct and withhold the tax under this article, and thereafter the tax ...
58.1-468 Failure of employer to pay over tax withheld
In the event that any employer deducts and withholds taxes from the compensation of an employee but fails to pay over the money so deducted ...
58.1-469 Included and excluded wages
If the remuneration paid by an employer to an employee for services performed during one-half or more of any payroll period of not more than ...
58.1-470 Withholding exemption certificates
A. An employee receiving wages shall be entitled to the exemptions for which such employee qualifies under the laws of the United States relating to ...
58.1-471 Fraudulent withholding exemption certificate or failure to supply information
Any individual required to supply information to his employer under this article who willfully supplies false or fraudulent information, or who willfully fails to supply ...
58.1-472 Employer's returns and payments of withheld taxes
Every employer required to deduct and withhold from an employee's wages under this article shall make return and pay over to the Tax Commissioner the ...
58.1-473 Jeopardy assessments
If the Tax Commissioner, in any case, has reason to believe that the collection of moneys, required by this article to be withheld by the ...
58.1-474 Liability of employer for failure to withhold
Every employer who fails to withhold or pay to the Tax Commissioner any sums required by this article to be withheld and paid shall be ...
58.1-475 Penalty for failure to withhold
A. Any employer required under the provisions of this article to deduct and withhold from wages and make returns and payments of amounts withheld to ...
58.1-476 Continuation of employer liability until notice
Once an employer has become liable to a return of withholding, he must continue to file a return even though no tax has been withheld, ...
58.1-477 Extensions
The Tax Commissioner may grant an employer a reasonable extension of time for filing any return under this article whenever in his judgment good cause ...
58.1-478 Withholding tax statements for employees; employers must file annual returns with Tax Commissione...
A. Every person required to deduct and withhold from an employee's wages under this article shall furnish to each such employee in respect to the ...
58.1-478.1 Information furnished to the Department of Taxation.
No person required to deduct and withhold from another employee's wages and to file a return or report of the same, through use of an ...
58.1-479 Refund to employer; time limitation; procedure
A. Where there has been an overpayment to the Tax Commissioner by the employer under this article, the Tax Commissioner shall order a refund or ...
58.1-480 Withheld amounts credited to individual taxpayer; withholding statement to be filed with retur...
The amount deducted and withheld under this article during any calendar year from the wages of any individual shall be allowed to the recipient of ...
58.1-481 Withheld taxes not deductible in computing taxable income
The tax deducted and withheld under this article shall not be allowed as a deduction either to the employer or to the recipient of the ...
58.1-482 Certain nonresidents; reciprocity with other states
If the income tax law of another state of the United States or of the District of Columbia results in its residents being allowed a ...
58.1-483 Withholding state income taxes of federal employees by federal agencies
The Tax Commissioner is hereby designated as the proper official to make request for and to enter into agreements with the Secretary of the Treasury ...
58.1-484 Liability of employer for payment of tax required to be withheld
The employer shall be liable for the payment to the Tax Commissioner of the amounts required to be deducted and withheld under this article and ...
58.1-485 Willful failure by employer to make return, to withhold tax, to pay it or to furnish employee with ...
Willful failure by any employer to (i) make any return required by this article to the Tax Commissioner, (ii) withhold the required tax or to ...
58.1-485.1 False claims of employment status; penalty.
A. It shall be unlawful for any person to knowingly coerce or threaten an individual to falsely declare his employment status for the purpose of ...
58.1-486 Bad checks
If any check tendered for any amount due under this chapter is not paid by the bank on which it is drawn and such person ...
58.1-486.1 Definitions.
"Owner" means the same as that term is defined in § 58.1-390.1. "Pass-through entity" means the same as that term is defined in § 58.1-390.1. ...
58.1-486.2 Withholding tax on Virginia source income of nonresident owners.
A. For the privilege of doing business in the Commonwealth, a pass-through entity that has taxable income for the taxable year derived from or connected ...
58.1-490 Declarations of estimated tax
A. Every resident and nonresident individual shall make a declaration of his estimated tax for every taxable year, if his Virginia tax liability can reasonably ...
58.1-491 Payments of estimated tax
A. The estimated tax with respect to which a declaration is required shall be paid as follows: 1. If the declaration is filed on or ...
58.1-491.1 Payments estimated by certain members of the armed services
Notwithstanding any other provision of this article, estimated tax declarations and installment payments shall not be required of any individual qualifying for an extension under ...
58.1-492 Failure by individual, trust or estate to pay estimated tax
A. In the case of any underpayment of estimated tax by an individual, trust or estate, except as provided in subsection C, there shall be ...
58.1-493 Declarations of estimated tax to be filed with commissioner of revenue of county or city
A. Every resident individual who is required by this article to file a declaration of estimated tax shall file his declaration with the commissioner of ...
58.1-494 Sheets or forms for recording declarations of estimated tax; recording
The commissioner of the revenue shall, for recording declarations of estimated tax, make out assessment sheets or forms daily as and when declarations are received, ...
58.1-495 Payment of estimated tax; notice of installment due; information to be transmitted to Departmen...
The estimated tax with respect to which a declaration is required by this article shall be paid as specified in § 58.1-491 to the treasurer ...
58.1-496 Willful failure or refusal to file declaration of estimated tax, or making false and fraudulent sta...
Any person required under this article to file a declaration of estimated tax who willfully fails or refuses to file such declaration, at the time ...
58.1-497 Section 58.1-306 applicable to declaration of estimated tax
Section 58.1-306 (relating to special instances in which an individual taxpayer may file an income tax return with the Department of Taxation) shall also apply ...
58.1-498 Oaths or affirmations unnecessary on returns, declarations and reports; misdemeanor to file false r...
No return, declaration, or report filed under this article need be verified by the oath or affirmation of the person or persons who are required ...
58.1-499 Refunds to individual taxpayers; crediting overpayment against estimated tax for ensuing yea...
A. In the case of any overpayment of any tax, addition to tax, interest or penalties imposed on an individual income taxpayer by this chapter, ...
58.1-500 Declarations of estimated income tax required; contents, etc
A. Every corporation subject to taxation under this chapter shall make a declaration of estimated tax for the taxable year if its income tax imposed ...
58.1-501 Time for filing declarations of estimated income tax
A. The declaration of estimated tax shall be filed as follows: If the requirements of subsection A of § 58.1-500 are first met: 1. Before ...
58.1-502 Installment payment of estimated income tax
A. The amount of estimated tax with respect to which a declaration is required under § 58.1-500 shall be paid in installments as follows: 1. ...
58.1-503 Where declarations filed and how payments made; crediting or refunding overpayments
Every corporation required by this article to file a declaration of estimated income tax shall file the same with and make payment to the Department. ...
58.1-504 Failure to pay estimated income tax
A. In case of any underpayment of estimated tax by a corporation, except as provided in subsection D, there shall be added to the tax ...
58.1-510 Purpose
The purpose of this act is to supplement existing land conservation programs to further encourage the preservation and sustainability of Virginia's unique natural resources, wildlife ...
58.1-511 Definitions
For the purposes of the article: "Interest in real property" means any right in real property, including access thereto or improvements thereon, or water, including ...
58.1-512 Land preservation tax credits for individuals and corporations
A. For taxable years beginning on or after January 1, 2000, there shall be allowed as a credit against the tax liability imposed by §§ ...
58.1-512.1 Determination of fair market value of donation
A. Each appraisal estimating the value of any donation upon which credits are to be based shall employ proper methodology and be appropriately supported by ...
58.1-513 Limitations; transfer of credit; gain or loss from tax credit
A. Any taxpayer claiming a tax credit under this article shall not claim a credit under any similar Virginia law for costs related to the ...
58.1-520 Definitions
As used in this article: "Claimant agency" means any administrative unit of state, county, city or town government, including department, institution, commission, authority, or the ...
58.1-520.1 Recovery of administrative costs
Any county, city or town may collect, in addition to the amount of delinquent debt collected pursuant to the provisions of this article, the administrative ...
58.1-521 Remedy additional; mandatory usage; obtaining identifying information
A. The collection remedy under this article is in addition to and not in substitution for any other remedy available by law. B. Except for ...
58.1-522 Participation in setoff program not permitted where debt below certain levels
If the claimant agency determines that the administrative cost, as defined in the rules promulgated by the Tax Commissioner, of utilizing this article will exceed ...
58.1-523 Department to aid in collection of sums due claimant agencies through setoff
Subject to the limitations contained in this article, the Department, upon request, shall render assistance in the collection of any delinquent account or debt owing ...
58.1-524 Notification of Department by claimant agency; action of Department
A. A claimant agency seeking to attempt collection of a delinquent debt through setoff shall notify the Department and supply information necessary to identify the ...
58.1-525 Notification of intention to set off and right to hearing
A. The claimant agency, upon receipt of notification from the Department that a debtor is entitled to a refund, within ten days shall mail a ...
58.1-526 Hearing procedure
A. If a claimant agency other than the Internal Revenue Service receives written application of the debtor's intention to contest at a hearing the claim ...
58.1-527 Appeals from hearings
A. Within thirty days after the decision of the claimant agency upon a hearing pursuant to § 58.1-526 has become final, the debtor aggrieved thereby ...
58.1-528 Certification of debt by claimant agency; finalization of setoff
A. Upon final determination of the debt due and owing the claimant agency or upon the debtor's default for failure to comply with § 58.1-525, ...
58.1-529 Notice of final setoff
Upon the finalization of setoff under the provisions of this article, the Department shall notify the debtor in writing of the action taken along with ...
58.1-530 Priorities in claims to be setoff
Priority in multiple claims to refunds allowed to be setoff under the provisions of this article shall be in the order in time which a ...
58.1-531 Disposition of proceeds collected; Department's annual statement of costs
A. Upon effecting final setoffs, the Department shall periodically pay to the respective claimant agencies the proceeds collected on their behalf. However, with respect to ...
58.1-531.1 Errors in setoff program
If as a result of an error by the Department of Taxation or the claimant agency a taxpayer has his refund set off erroneously and ...
58.1-532 Accounting to claimant agency; confidentiality; credit to debtor's obligation
A. Simultaneously with the transmittal of proceeds collected to a claimant agency, the Department shall provide the agency with an accounting of the setoffs finalized ...
58.1-533 Confidentiality exemption; use of information obtained
A. Notwithstanding § 58.1-3 or any other provision of law prohibiting disclosure by the Department of the contents of taxpayer records or information and notwithstanding ...
58.1-534 Rules and regulations
The Tax Commissioner shall promulgate all rules which he deems necessary in order to implement the intent of this article. (Code 1950, § 58-19.21; 1981, ...
58.1-535 Application of funds on deposit
A. In addition to the collection remedy provided in this article, if a claimant agency has on deposit any funds which are due to the ...
58.1-540 Levy of the tax
A. The Counties of Arlington, Fairfax, Loudoun, and Prince William, and the Cities of Alexandria, Fairfax, Falls Church, Manassas, Manassas Park, Norfolk, and Virginia Beach ...
58.1-541 Residency
A. For purposes of this article, an individual shall be deemed to be a resident of any county or city in which the individual is ...
58.1-542 Corporations subject to the local income tax
A. For purposes of this article, a corporation shall be deemed to have income from sources within a county or city if it has: 1. ...
58.1-543 What income apportioned and how
Any corporation having income from sources within two or more counties and cities of the Commonwealth shall allocate and apportion its Virginia taxable income as ...
58.1-544 Effective date of tax; repeal thereof
A. Any tax imposed under this article shall be effective for all taxable years beginning on or after January 1 of the year following the ...
58.1-545 Administration of tax; withholding; estimated tax
A. Except where otherwise clearly provided in this article, any local income tax levied under § 58.1-540 shall be administered and collected by the Tax ...
58.1-546 Refund of overpayment; credits against tax
A. If the amount of local income tax computed is less than the amount theretofore paid, the excess shall be refunded out of the state ...
58.1-547 Certificate of residency
A. For purposes of the withholding of local income taxes by employers, every employee as defined in § 58.1-460 residing in any county or city ...
58.1-548 Disposition of revenues; costs of administration
A. All local income tax revenues collected by the Tax Commissioner pursuant to this article shall be paid into the General Fund of the state ...
58.1-549 Expiration of authority to levy tax
Notwithstanding the provisions of subsection B of § 58.1-540 or any other provision of law, no tax levied by a county or city under the ...