Agencies | Governor
Virginia Regulatory Town Hall
Agency
Department of Taxation
Board
Department of Taxation
chapter
Individual Income Tax [23 VAC 10 ‑ 110]
Action:
Subtraction for Investments in a Virginia Venture Capital Account
 
General Information
Action Summary This regulatory action will establish procedures regarding how an investment fund may apply for certification as a Virginia venture capital account. During the 2017 Session, the General Assembly enacted legislation establishing a new individual income tax and corporate income tax subtraction for certain income attributable to an investment in a Virginia venture capital account. This legislation requires that the Department of Taxation promulgate regulations prior to December 31, 2017, regarding how an investment fund is to apply for certification as a Virginia venture capital account for purposes of the subtraction. This regulatory action is necessary to comply with such requirement. This regulatory action will define certain terms that are not defined in the legislation. This regulatory action is necessary for purposes of the certification process and to provide guidance to taxpayers regarding such terms.
Chapters Affected
  VAC Chapter Name Action Type
Primary 23 VAC 10-110 Individual Income Tax Amend Existing Regulation
Other chapters
  23 VAC 10 - 120 Corporation Income Tax Amend Existing Regulation
Executive Branch Review This action will go through the normal Executive Branch Review process.
RIS Project Yes  [005338]
Associated Mandates Subtraction for Investments in a Virginia Venture Capital Account
New Periodic Review This action will not be used to conduct a new periodic review.
 
Stages
Stages associated with this regulatory action.
Stage ID Stage Type Status
7999 NOIRA Stage withdrawn on 10/31/2017 before the Governor's office completed its review.
8120 Fast-Track Stage complete. This regulation became effective on 11/03/2018.
 
Contact Information
Name / Title: Matthew Huntley  / Lead Tax Policy Analyst
Address: 600 East Main Street, 15th Floor
Richmond, VA 23219
Email Address: matthew.huntley@tax.virginia.gov
Phone: (804)786-2010    FAX: ()-    TDD: ()-