VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

1998 SESSION

• | print version

SB 533 Income tax; capital gains.

Introduced by: Kevin G. Miller | all patrons    ...    notes | add to my profiles

SUMMARY:

Individual income tax on capital gains. Allows individuals, in determining their Virginia taxable income, to subtract from their federal adjusted gross income the portion of a gain from the sale or exchange of property that is attributable to inflation. The subtraction applies only to property that has been held for any part of three or more calendar years, and does not apply to inventory. The amount of gain that is attributable to inflation is determined by multiplying the adjusted basis for such property by the change in the consumer price index from the year the property was acquired to the year preceding the sale or exchange. The measure is effective for taxable years beginning on and after January 1, 1999.

FULL TEXT

• 01/26/98  Senate: Presented & ordered printed 985402713  pdf

HISTORY

• 01/26/98  Senate: Presented & ordered printed 985402713
• 01/26/98  Senate: Referred to Committee on Finance
• 02/11/98  Senate: Left in Finance