§ 58.1-399.4 — Effect of election

Virginia § 58.1-399.4

• Jurisdiction: Virginia
• Title 58.1: Taxation
• Subtitle I: Taxes Administered by the Department of Taxation
• Ch. 3: Income Tax
• Art. 9.1: Reporting Adjustments to Federal Taxable Income from Federal Partnership Audits

Text

A. If a partnership or partner makes an election pursuant to § 58.1-399.1 or 58.1-399.3, such election shall not be revocable by such partnership or partner. However, the Department may make a discretionary determination that allows such election to be revoked.

B. If properly reported and paid by the audited partnership or tiered partner, the amount determined pursuant to § 58.1-399.1 or 58.1-399.3 shall be treated as paid in lieu of taxes owed by a direct or indirect partner, to the extent applicable, on the final federal adjustments. A direct partner or indirect partner shall be prohibited from claiming any subtraction, deduction, credit, or refund for such amount. This section shall not prohibit a partner that is a direct partner and a resident partner from (i) claiming a credit against taxes paid to Virginia pursuant to § 58.1-332 or (ii) claiming a credit for any amount paid by the audited partnership or tiered partner on the resident partner's behalf to another jurisdiction in accordance with the provisions of § 58.1-332.

Legislative History

2020, c. 1030.