Administrative Code

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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 110. Individual Income Tax
6/30/2022

23VAC10-110-81. Net operating losses; generally.

There is no express statutory authority in the Code of Virginia for a separate Virginia net operating loss. Since under § 58.1-322 of the Code of Virginia the starting point on a Virginia individual income tax return is federal adjusted gross income, and the federal carryback or carryforward of a federal net operating loss is reflected in federal adjusted gross income, Virginia taxable income is indirectly affected by federal net operating losses to the extent that they are reflected in federal adjusted gross income.

Statutory Authority

§§ 58.1-203 and 58.1-311 of the Code of Virginia.

Historical Notes

Derived from VR630-2-311.1 § 2, eff. taxable years beginning on and after January 1, 1985.

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