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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 110. Individual Income Tax
11/21/2024

23VAC10-110-87. Net operating losses; when and where to file; interest.

A. When to file. The provisions of § 58.1-1823 of the Code of Virginia set forth the statute of limitations for filing amended returns claiming a refund that reflect the carryback of a federal net operating loss. Generally, the amended carryback year return must be filed within the statutory period for filing the loss year return. (See 23VAC10-20-180.)

B. Where to file. The amended return for the carryback year is to be filed in accordance with the requirements of 23VAC10-110-260.

C. Interest. Any overpayment of tax resulting from the carryback of a net operating loss will be deemed to have been made on the day on which the return for the loss year was filed or the due date of the loss year return (including extensions), whichever is later. (See 23VAC10-20-200 E.)

Statutory Authority

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

Historical Notes

Derived from VR630-2-311.1 § 8, eff. taxable years beginning on and after January 1, 1985.

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