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2000 SESSION

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SB 178 Income tax; subtractions for income received by tobacco farmers.

Introduced by: Charles R. Hawkins | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Income tax; subtractions for income received by tobacco farmers from tobacco settlement funds. 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. HB 176 provides for the same subtractions with respect to the receipt of these tobacco-related funds.

SUMMARY AS PASSED SENATE:

Income tax; subtractions for income received by tobacco farmers from tobacco settlement funds. 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 the Master Settlement Agreement from tobacco settlement funds. The subtraction is effective for taxable years beginning on and after January 1, 1999.

SUMMARY AS INTRODUCED:

Income tax; subtractions for income received by tobacco farmers from tobacco settlement funds. 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 tobacco farmers or tobacco farming businesses from tobacco settlement funds. This subtraction will be allowed for taxable years beginning on and after January 1, 2000.