                                 CODE OF VIRGINIA

DEFINITIONS (§ 58.1-390.1)

The following words and terms, when used in this article, shall have the
following meanings unless the context clearly indicates otherwise:
		&#8220;Eligible owner&#8221; means a direct owner of a pass-through entity who
is a natural person subject to the tax imposed by Article 2 (§ 58.1-320 et
seq.) or an estate or trust subject to the tax imposed by Article 6 (§ 58.1-360
et seq.).
		&#8220;Owner&#8221; means any individual or entity who is treated as a
partner, member, or shareholder of a pass-through entity for federal income tax
purposes.
		&#8220;Pass-through entity&#8221; means any entity, including a limited
partnership, a limited liability partnership, a general partnership, a limited
liability company, a professional limited liability company, a business trust,
or a Subchapter S corporation, that is recognized as a separate entity for
federal income tax purposes, in which the partners, members, or shareholders
report their share of the income, gains, losses, deductions, and credits from
the entity on their federal income tax returns or make the election and pay the
tax levied pursuant to § 58.1-390.3.

HISTORY: 2004, Sp. Sess. I, c. 3; 2022, cc. 689, 690; 2023, cc. 686, 687.