Action:
Subtraction for Investments in a Virginia Venture Capital Account
Action 4868
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Stage withdrawn on 10/31/2017 before the Governor's office completed its review.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: ()-
|
