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2012 SESSION

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HB 1153 Income tax, state; conformity with federal law.

Introduced by: James P. "Jimmie" Massie, III | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Income tax; conformity with § 199 of the Internal Revenue Code.  Allows the entire amount of the deduction allowed for domestic production activities pursuant to § 199 of the Internal Revenue Code to be deducted for Virginia income tax purposes for taxable years beginning on and after January 1, 2013. This bill is identical to SB 462.

SUMMARY AS INTRODUCED:

Income tax; conformity with § 199 of the Internal Revenue Code.  Allows the entire amount of the deduction allowed for domestic production activities pursuant to § 199 of the Internal Revenue Code to be deducted for Virginia income tax purposes for taxable years beginning on and after January 1, 2012.