Income/Franchise:
Virginia Department of Taxation Addresses New Law Revising Pass-Through Entity Tax
Tax Bulletin 23-3, Vir. Dept. of Tax. (3/29/23). The Virginia Department of Taxation issued a bulletin intended to provide taxpayers with guidance on reconciling recently enacted legislation that retroactively amends certain provisions pertaining to Virginia’s elective pass-through entity tax (including making the election available to pass-through entities with owners that are corporations or pass-through entities) [see H.B. 1456 / S.B. 1476, signed by gov. 3/27/23, and previously issued Multistate Tax Alert for more details on these law changes] with their 2022 Virginia pass-through entity tax (PTET) returns. The bulletin addresses the newly enacted relaxed requirements to qualify for the PTET election, as well as explains the recent PTET calculation changes. Please contact us with any questions.
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