Language Page 421, after line 14, insert: "§ 3-5.03 DECONFORM STATE TAX LAW FROM THE FEDERAL INTERNAL REVENUE SERVICE CODENotwithstanding the provisions of § 58.1-301 of the Code of Virginia, any reference in Chapter 3 of Title 58.1 of the United States relating to federal income taxes shall mean the provisions of the Internal Revenue Code, and amendments thereto, and other provisions of the laws of the United States relating to federal income taxes, as they existed on June 8, 2001, unless the General Assembly enacts legislation after December 31, 2001, specifying otherwise."
Explanation(This amendment deconforms the Commonwealth's tax code from the federal tax code so as to preclude any adverse impact on revenues due to pending federal legislation. The date of deconformity is June 8, 2001, unless the General Assembly enacts legislation after December 31, 2001, specifying otherwise.)