Taxation

Everyone pays taxes of one sort or another and the laws around those taxes are comprehensive and often complex.

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Taxation News & Information

Virginia Passes Legislation Narrowing Definition of “Resident Estate or Trust” for State Income Tax Purposes

Trusts & Estates

Virginia Passes Legislation Narrowing Definition of “Resident Estate or Trust” for State Income Tax Purposes

Effective July 1, 2019, Virginia’s definition of “resident estate or trust” will no longer include a “trust or estate which is being administered in the Commonwealth” for state income tax purposes.  As a result of the definitional change, it is expected that a non-testamentary trust (that is, an inter vivos trust) created by a person domiciled outside of Virginia will be taxed by the Commonwealth after July 1 only on its Virginia source income.