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2003 SESSION
HB 2161 Claims; McCowan, Owens, et al.
Introduced by: Clarence E. Phillips | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Claims; McCowan, Owens, et al. Provides relief for Rocky McCowan, Michael Owens, Steve Farmer, James Lee, and Robert Hicks. The five individuals were shareholders of a subchapter S corporation operating in Kentucky. An audit conducted by tax officials in Kentucky determined that the individuals owed varying amounts in income taxes for taxable years 1992 through 1996. The bill directs the Department of Taxation to review the amended income tax returns submitted by each of the individuals for taxable years 1992 through 1996 and provide them the out-of-state tax credit that they would have received on their Virginia income tax returns for those years. Any amount refunded by the Department of Taxation shall be without interest, and any amended income tax returns are required to be filed by October 1, 2003, as a condition of any refund being issued.
SUMMARY AS PASSED HOUSE:
Claims; McCowan, Owens, et al. Provides relief for Rocky McCowan, Michael Owens, Steve Farmer, James Lee, and Robert Hicks. The 5 individuals were shareholders of a subchapter S corporation operating in Kentucky. An audit conducted by tax officials in Kentucky determined that the individuals owed varying amounts in income taxes for taxable years 1992 through 1996. The bill directs the Tax Department to review the amended income tax returns submitted by each of the individuals for taxable years 1992 through 1996 and provide them the out-of-state tax credit that they would have received on their Virginia income tax returns for those years.
SUMMARY AS INTRODUCED:
Claims; McCowan, Owens, et al. Provides relief in the amount of $7,177 for Rocky McCowan; $7,990 for Michael Owens; $2,560 for Steve Farmer; $97,799 for James Lee; and $62,015 for Robert Hicks. The 5 individuals were shareholders of a subchapter S corporation operating in another state. The amount of relief in each instance is the out-of-state tax credit that the individuals would have received on their 1992 through 1996 Virginia income tax returns.