SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

  • | print version

HB 176 Income tax; subtractions for income received by tobacco farmers.

Introduced by: Whittington W. Clement | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Income tax; subtractions for income received by tobacco farmers from tobacco settlement funds and Nazi reparation payments. Provides a subtraction from federal adjusted gross income for individuals, and from federal taxable income for corporations, when calculating Virginia taxable income for any amounts received by (i) tobacco farmers; (ii) persons holding a tobacco marketing quota or tobacco farm acreage allotment; or (iii) persons with the right to grow tobacco pursuant to a quota or allotment as a result of (a) the tobacco Master Settlement Agreement, (b) the National Tobacco Grower Settlement Trust, and (c) the federal Tobacco Loss Assistance Program. The subtraction is effective for taxable years beginning on and after January 1, 1999. The bill also provides for a subtraction, beginning with the 2000 taxable year, from federal adjusted gross income for certain reparation payments received by victims or targets of Nazi persecution. SB 178 provides for the same subtractions with respect to the receipt of tobacco settlement funds.


FULL TEXT

AMENDMENTS

HISTORY