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2003 SESSION

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036779208
SENATE BILL NO. 955 Offered January 8, 2003 Prefiled January 7, 2003 A BILL to amend and reenact § 58.1-301 of the Code of Virginia, relating to conformity of terms to the Internal Revenue Code. ---------- Patron-- Stosch ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That § 58.1-301 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-301. Conformity of terms 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 States relating to federal income taxes, unless a different meaning is clearly required.

B. Any reference in this chapter to the laws of the United States relating to federal income taxes shall mean the provisions of the Internal Revenue Code of 1954, and amendments thereto, and other provisions of the laws of the United States relating to federal income taxes, as the same may be or become effective at any time or from time to time they existed on December 31, 2002, except for:

1. The special depreciation allowance for certain property provided for under § 168(k) of the Internal Revenue Code; and

2. The carry-back of certain net operating losses for 5 years under § 172(b)(1)(H) of the Internal Revenue Code.

2. That an emergency exists and this act is in force from its passage.

3. That the provisions of this act shall apply to taxable years beginning on and after January 1, 2001.