2019 Session

Budget Amendments - HB1700 (Conference Report)

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Workgroup Evaluation of Calculation of Interest Subtraction (language only)

Item 272 #1c

Item 272 #1c

Department of Taxation


Page 274, after line 19, insert:

"E. The Tax Commissioner shall convene a working group by June 1, 2019 to study the impact of the limitation of interest expense on businesses that are part of an affiliated group and that file a Virginia combined or consolidated return. The Tax Commissioner shall develop and make available guidelines regarding the determination of the limitation of interest expense under section 163(j) of the Internal Revenue Code by December 1, 2019. Such guidelines shall apply to taxable years beginning on or after January 1, 2018 and shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.)."


(This amendment establishes a work group to develop guidelines for the implementation of the limitation on interest expenses under provisions of the TCJA.)