Mandate 338
Mandate Information | |
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Mandate Title:
Shareholders of S Corporations Subject to the Bank Franchise Tax
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Purpose of legislation
allows a shareholder of an electing small business corporation (S corporation) that was subject to the bank franchise tax for the calendar year in which the taxable year began to subtract the shareholder’s allocable share of the income or gain of the S corporation, to the extent that it was included in his federal adjusted gross income.
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Legislation mandating a change | Chap 359 (2007) |
VAC chapters to be amended | Not yet determined. |
Associated Regulatory Actions | No regulatory action has been filed. |
Closing Explanation
The Department of Taxation has determined that the legislation is clear and unambiguous and does not require the promulgation of a regulation to interpret it.
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