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2007 SESSION
SB 1238 Non-resident taxpayers; withholding tax paid by pass-through entities.
Introduced by: Mark D. Obenshain | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Withholding tax; pass-through entities. Requires pass-through entities to withhold and remit to the Tax Commissioner an amount equal to five percent of the allocable Virginia taxable income of all nonresident owners of the pass-through entity. A nonresident owner may take as a credit against Virginia income tax due his or its allocable Virginia income tax withheld and remitted to the Tax Commissioner by the pass-through entity.
SUMMARY AS INTRODUCED:
Withholding tax; pass-through entities. Requires pass-through entities to withhold and remit to the Tax Commissioner an amount equal to four percent of the allocable Virginia taxable income of all nonresident owners of the pass-through entity. A nonresident owner may take as a credit against Virginia income tax due his or its allocable Virginia income tax withheld and remitted to the Tax Commissioner by the pass-through entity.