                                 CODE OF VIRGINIA

UNCLAIMED TAX CREDITS; REPORT (§ 58.1-319)

If any tax credit authorized pursuant to this title has not been claimed by any
taxpayer during the preceding five calendar years, such credit shall be deemed
obsolete, and the Department shall not authorize any taxpayer to claim such
credit against any tax levied pursuant to this title in future calendar years
except as expressly authorized by the General Assembly. The Department shall
report to the House Committee on Appropriations, the House Committee on Finance,
and the Senate Committee on Finance and Appropriations no later than February 1
of each year as to all credits that are deemed obsolete and shall publish such
report on its website.
		For purposes of this section, a credit shall be considered claimed in the
calendar year when it is claimed by a taxpayer and shall not include the
carryover or transfer of a credit in subsequent years as authorized by law, nor
shall this section be interpreted to prevent the lawful carryover or transfer of
a credit previously authorized by the Department.

HISTORY: 2013, c. 657.