Commonwealth of Virginia. Department of Taxation 2002 Legislative Update. Individual Income Tax Overview Filing Season 2002 Statistics as of October 16,2002. Refunds issued faster than ever before: Current Year Returns = 95% in 12 days or less
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Department of Taxation
2002 Legislative Update
Filing Season 2002 is ranked best season ever!
New Forms created for special depreciation adjustment:
Virginia Forms 4562 and 2106
To determine special Virginia depreciation adjustment:
Complete VA Forms 4562 and 2106
Subtract Virginia depreciation from federal depreciation
Neighborhood Assistance Program Tax Credit
Tax credit equal to 45 percent of the monetary donation
As of July 1, 2002, minimum monetary donation eligible for a tax credit reduced from $900 to $500.
Line 2a added to report Special Fixed Date Conformity additions
Line 6a added to report Special Fixed Date Conformity subtractions
Six-digit code boxes added to report voluntary contributions to School Foundations
Line 33 added to report Special Fixed Date Conformity additions
Line 37 added to report Special Fixed Date Conformity subtractions
Line 31 added to report Special Fixed Date Conformity additions
Line 38 added to report Special Fixed Date Conformity subtractions
Form updated for Special Fixed Date Conformity adjustments
Schedule INC replaces W2s and 1099s
New Schedule FED added to report information from Schedules C, C-EZ, 2106 and 4562
We look forward to working with the Tax Professional Community during the upcoming tax season. Together we can provide the taxpayers of Virginia excellent customer services, while working to keep the cost of government down.www.tax.state.va.us