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2003 SESSION
034253884Whereas, Rocky McCowan, Michael Owens, Steve Farmer, James Lee, and Robert Hicks ("the Taxpayers") are Virginia residents who were shareholders in a Subchapter S corporation (S corporation) operating in Kentucky; and
Whereas, each of the Taxpayers reported income from the S corporation on their Virginia individual income tax returns for the taxable years 1992 through 1996; and
Whereas, as a result of a tax audit, the state of Kentucky issued income tax assessments against each of the Taxpayers for the 1992 through 1996 taxable years; and
Whereas, based on the audit, the state of Kentucky issued tax assessments against the Taxpayers as follows:
Rocky Michael Steve James Robert
McCowan Owens Farmer Lee Hicks
1992 64,314 34,428
1993 23,560 14,560
1994 394 1,719 3,041 3,487
1995 5,753 4,865 5,851 8,168
1996 1,030 1,406 2,560 1,032 1,372
Total $7,177 $7,990 $2,560 $97,799 $62,015
Whereas, § 58.1-332 of the Code for Virginia provides a credit when a Virginia resident becomes liable to another state for income tax on any earned or business income derived from sources outside of Virginia; and
Whereas, the Taxpayers were issued the income tax assessments after the time period for filing amended individual income tax returns provided by § 58.1-1823 had passed for the 1992 through 1996 taxable years; and
Whereas, the Department of Taxation does not have the authority to allow the out-of-state tax credit on the Taxpayers' returns for any of the years in question the statute of limitations for filing amended returns has expired; and
Whereas, Rocky McCowan, Michael Owens, Steve Farmer, James Lee, and Robert Hicks have no other means to obtain relief except by action of this body; now, therefore,
Be it enacted by the General Assembly of Virginia:
1. § 1. [ That there is hereby appropriated from the general fund of the state
treasury the sum of $7,177 for the relief of Rocky McCowan; $7,990 for the relief of Michael Owens; $2,560 for
the relief of Steve Farmer; $97,799 for the relief of James Lee; and $62,015 for the relief of Robert Hicks.
These amounts shall be paid by checks issued by the State Treasurer on warrant
of the Comptroller to Rocky McCowan, Michael Owens, Steve Farmer, James Lee,
and Robert Hicks, respectively, upon execution by them of a release of all
claims they may have against the Commonwealth, or any agency, instrumentality,
office, employee or political subdivision in connection with the aforesaid
occurrence. That the Department of Taxation is directed to review the amended
income tax returns submitted by Rocky McCowan, Michael Owens, Steve Farmer, James
Lee, and Robert Hicks for taxable years 1992 through 1996 notwithstanding
the limitation for the filing of such amended tax returns provided by §
58.1-1823 and provide to such individuals the appropriate tax credit as provided by
§ 58.1-332. ]