Title of Regulation: 23VAC10-120. Corporation Income Tax (adding 23VAC10-120-103).

Statutory Authority: § 58.1-203 of the Code of Virginia.

The Department of Taxation has WITHDRAWN the regulatory action for 23VAC10-120, Corporation Income Tax, which was published as a Notice of Intended Regulatory Action in 23:25 VA.R. 4103-4104 August 20, 2007. This action is being withdrawn because the Department of Taxation started this action in 2007 but did not complete it. The purpose of the proposed action was to amend the corporate income tax law by adding §58.1-402 B 8 and 9 of the Code of Virginia, which requires the corporation to add back any royalties and interest paid to a related entity in such a situation. In the event that the department decides to amend this regulation in the future, it will file a new action.

Agency Contact: John Cox, Analyst, Department of Taxation, 600 East Main Street, Richmond, VA 23261, telephone (804) 371-2338, FAX (804) 371-2355, or email john.cox@tax.virginia.gov.