CHAPTER 675

An Act to amend the Code of Virginia by adding a section numbered
58-78.2, so as to provide when certain income shall not be taxed.

[H 279]
Approved April 6, 1966

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
58-78.2, as follows:

§ 58-7 8.2, Blocked foreign income, for State income tax purposes,
shall be treated in the same manner as such income and deductions are
treated for Federal income tax purposes. The procedure for optional de-
ferral and the effect of deferral shall be the same mutatis mutandis as may
be prescribed for Federal income tax purposes for the taxable year. If a
taxpayer does not elect deferral for Federal income tax purposes, he shall
not be permitted to elect it for State income tax purposes. No statute of
limitation shall run against the making of an assessment of State income
tax because of such deferral. The State Tax Commissioner may promul-
gate an appropriate regulation under this section.

section shall be in force for taxable years beginning after
December thirty-one, nineteen hundred sixty-five.