{"data":{"id":"us-va/va.-code-58.1-399.4","jurisdiction":"us-va","citation":"Va. Code § 58.1-399.4","heading":"Effect of election","body":"A. If a partnership or partner makes an election pursuant to § 58.1-399.1 or 58.1-399.3, such election shall not be revocable by such partnership or partner. However, the Department may make a discretionary determination that allows such election to be revoked.B. If properly reported and paid by the audited partnership or tiered partner, the amount determined pursuant to § 58.1-399.1 or 58.1-399.3 shall be treated as paid in lieu of taxes owed by a direct or indirect partner, to the extent applicable, on the final federal adjustments. A direct partner or indirect partner shall be prohibited from claiming any subtraction, deduction, credit, or refund for such amount. This section shall not prohibit a partner that is a direct partner and a resident partner from (i) claiming a credit against taxes paid to Virginia pursuant to § 58.1-332 or (ii) claiming a credit for any amount paid by the audited partnership or tiered partner on the resident partner's behalf to another jurisdiction in accordance with the provisions of § 58.1-332.2020, c. 1030.","path":["Title 58.1. Taxation","Subtitle I. Taxes Administered by the Department of Taxation","Chapter 3. Income Tax","Article 9.1. Reporting Adjustments to Federal Taxable Income from Federal Partnership Audits"],"source_url":"https://law.lis.virginia.gov/vacode/58.1-399.4/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:17:44Z","sha256":"89532b9a4850022c6470f0f315b9bda17d87b580733e209bf0634b1b72d5de44","source_id":"us-va","stale":true,"prev":"us-va/va.-code-58.1-399.3","next":"us-va/va.-code-58.1-399.5"},"notice":"GroundRules: Original legal text. Not legal advice."}