Code of Virginia § 58.1-399.4. Effect of election.
176 words·~1 min read·
/va/title-58-1/chapter-3/58-1-399-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 .
2020, c. 1030 .