{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-370.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-370.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-370.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-370.html"}],"law_id":84147,"edition_id":1,"section_id":84147,"structure_id":16737,"section_number":"58.1-370","catch_line":"Credit to trust beneficiary receiving accumulation distribution","history":"Code 1950, \u00a7 58-151.026; 1971, Ex. Sess., c. 171; 1984, c. 675.","full_text":"A\n\nA beneficiary of a trust whose Virginia taxable income includes all or part of an accumulation distribution by such trust, as defined in the laws of the United States relating to federal income taxes, shall be allowed a credit against the tax otherwise due under this chapter for all or a proportionate part of any tax paid by the trust under this chapter which would not have been payable if the trust had in fact made distributions to its beneficiaries at the times and in the amounts specified in the laws of the United States relating to federal income taxes.B\n\nThe credit under this section shall not reduce the tax otherwise due from the beneficiary under this chapter to an amount less than would have been due if the accumulation distribution or his part thereof were excluded from his Virginia taxable income.","order_by":null,"text":{"0":{"id":301583,"text":"A beneficiary of a trust whose Virginia taxable income includes all or part of an accumulation distribution by such trust, as defined in the laws of the United States relating to federal income taxes, shall be allowed a credit against the tax otherwise due under this chapter for all or a proportionate part of any tax paid by the trust under this chapter which would not have been payable if the trust had in fact made distributions to its beneficiaries at the times and in the amounts specified in the laws of the United States relating to federal income taxes.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":301584,"text":"The credit under this section shall not reduce the tax otherwise due from the beneficiary under this chapter to an amount less than would have been due if the accumulation distribution or his part thereof were excluded from his Virginia taxable income.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":16737,"edition_id":1,"name":"Tax Credits for Estates and Trusts","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":13152,"metadata":{},"date_created":"2026-06-26 04:37:55","date_modified":"2026-06-26 04:37:55","permalink":{"id":254415,"object_type":"structure","relational_id":16737,"identifier":"7","token":"58.1\/I\/3\/7","url":"\/58.1\/I\/3\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13152,"edition_id":1,"name":"Income Tax","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":253267,"object_type":"structure","relational_id":13152,"identifier":"3","token":"58.1\/I\/3","url":"\/58.1\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84147,"structure_id":16737,"section_number":"58.1-370","catch_line":"Credit to trust beneficiary receiving accumulation distribution","url":"\/58.1-370\/","token":"58.1\/I\/3\/7\/58.1-370","metadata":false},{"id":77038,"structure_id":16737,"section_number":"58.1-371","catch_line":"Credits for taxes paid other states","url":"\/58.1-371\/","token":"58.1\/I\/3\/7\/58.1-371","metadata":false}],"next_section":{"id":77038,"structure_id":16737,"section_number":"58.1-371","catch_line":"Credits for taxes paid other states","url":"\/58.1-371\/","token":"58.1\/I\/3\/7\/58.1-371","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-370\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1984, chapter 675.<\/p>","references":[{"id":74528,"section_number":"58.1-315","catch_line":"Transitional modifications to Virginia taxable income","order_by":null,"url":"\/58.1-315\/"}],"refers_to":false,"permalink":{"id":254417,"object_type":"law","relational_id":84147,"identifier":"58.1-370","token":"58.1\/I\/3\/7\/58.1-370","url":"\/58.1-370\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-370\/","token":"58.1\/I\/3\/7\/58.1-370","dublin_core":{"Title":"Credit to trust beneficiary receiving accumulation distribution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-370","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A beneficiary of a trust<\/span> whose Virginia taxable income includes all or part of an accumulation distribution by such trust<\/span>, as defined in the laws<\/span> of the United States relating to federal income taxes, shall be allowed a credit against the tax otherwise due under this chapter for all or a proportionate part of any tax paid by the trust<\/span> under this chapter which would not have been payable if the trust<\/span> had in fact<\/span> made distributions to its beneficiaries at the times and in the amounts specified in the laws<\/span> of the United States relating to federal income taxes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The credit under this section shall not reduce the tax otherwise due from the beneficiary under this chapter to an amount less than would have been due if the accumulation distribution or his part thereof were excluded from his Virginia taxable income. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREDIT TO TRUST BENEFICIARY RECEIVING ACCUMULATION DISTRIBUTION (\u00a7 58.1-370)\n\nA. A beneficiary of a trust whose Virginia taxable income includes all or part\nof an accumulation distribution by such trust, as defined in the laws of the\nUnited States relating to federal income taxes, shall be allowed a credit\nagainst the tax otherwise due under this chapter for all or a proportionate part\nof any tax paid by the trust under this chapter which would not have been\npayable if the trust had in fact made distributions to its beneficiaries at the\ntimes and in the amounts specified in the laws of the United States relating to\nfederal income taxes.\n\nB. The credit under this section shall not reduce the tax otherwise due from the\nbeneficiary under this chapter to an amount less than would have been due if the\naccumulation distribution or his part thereof were excluded from his Virginia\ntaxable income.\n\nHISTORY: Code 1950, \u00a7 58-151.026; 1971, Ex. Sess., c. 171; 1984, c. 675.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}