Document Number
Tax Type
Corporation Income Tax
ACRS modifications
ACRS Modifications
Date Issued
October 31, 1988

Re: §58.1-1821 Application; Corporation Income Tax
§58.1-323 ACRS Modifications


This is in response to your letter of August 11, 1988, requesting clarification of my letter of June 13, 1988. P.D. No. 88-132 (copy enclosed).

The proposed regulations implementing the 1987 and 1988 legislation phasing out the ACRS modifications have just been completed. The ACRS refund policies, which were not available at the time of my June 13, 1988, letter, have now been established.

Under the regulations, an application for refund of unrecovered taxes paid on the outstanding balance of excess cost recovery may be filed by a letter to the tax commissioner requesting the refund or by an amended return. The letter must provide sufficient documentation to demonstrate that the amount of refund requested does not exceed the amount of tax actually paid. VR 630-3-323.1(7)(D).

We will treat your letter as an application for refund because it appears to have all of the necessary information. However, if additional data is needed, the department will contact you. No interest will be paid on the refund.


W. H. Forst
Tax Commissioner

Last Updated 08/25/2014 16:46