Tax Type
Individual Income Tax
Description
Interest on bonds issued by political subdivisions of Virginia
Topic
Subtractions and Exclusions
Date Issued
07-31-1986
July 31, 1986
Re: Ruling Request/ Individual Income Tax
Dear ********************
This will reply to your letter of June 15, 1986 seeking a ruling on the application of Virginia's Individual Income Tax to Interest on Bonds issued by political subdivisions of the Commonwealth.
Please find attached a copy of a ruling recently issued by the department on this very same issue, dated July 18, 1986. According to this ruling, the department agrees that the Income Tax Regulations in no way prohibit the subtraction of interest on obligations of political subdivisions of the Commonwealth.
I hope this has answered your question, but please let me know if we may be of further assistance.
Sincerely,
W. H. Forst
Tax Commissioner
Related Documents
Rulings of the Tax Commissioner