Income tax, corporate; required for royalty and similar payments made to intangible holding company. (SB407)

Introduced By

Sen. Mary Margaret Whipple (D-Arlington)

Description

Corporate income tax; inclusion of certain income.  Clarifies the addition required for royalty and similar payments made to an affiliated intangible holding company (IHC) by codifying The Department of Taxation's ("TAX") interpretation of the exception for payments on which the IHC is subject to tax in another state. TAX has interpreted this exception as being limited to the portion of the payments that are subject to tax in the other state(s). Thus, if five percent of the IHCs income was apportioned to another state, then only five percent of the payments to the IHC are exempt from the addition.   View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.