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1997 SESSION
961279386Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 58.1-322.3 as follows:
§ 58.1-322.3. Rollover of long-term capital gain.
A. For taxable years beginning on and after January 1, 1996, but before January 1, 2001, if property held for the holding periods specified in subsection C is sold by an individual or corporate taxpayer and, within a twelve-month period after such sale, qualified property is purchased by such taxpayer, gain from the sale, not to exceed $25,000, shall not be recognized within the limitations provided in subsection C.
"Qualified property" means real property, plants and equipment located in Virginia and firms conducting substantial business in Virginia.
B. For purposes of this section:
1. An exchange by the individual or corporate taxpayer of qualified property for other qualified property shall be treated as a sale of such property, and the acquisition of qualified property on the exchange of qualified property shall be treated as a purchase of such qualified property.
2. If an individual or corporate taxpayer, during the twelve-month period described in subsection A, enters into a binding contract for the purchase of qualified property but does not settle on the contract before the expiration of such twelve-month period, such taxpayer shall be deemed to have purchased qualified property as required in subsection A.
C. The percent of exemption for such long-term capital gain shall be based on the following holding periods:
Holding period Percent exempt
Three years but less than four 60% Four years but less than five 80% Five years or more 100%