Income tax, corporate; requires retail companies to use single-sales factor apportionment formula. (SB49)

Introduced By

Progress

√	Introduced
√	Passed Committee
√	Passed House
√	Passed Senate
√	Signed by Governor
√	Became Law

Description

Apportionment of corporate income tax; retail companies. Allows retail companies to elect an apportionment formula for payment of income taxes of multiplying their income by the sales factor. The provisions of the bill would be effective beginning July 1, 2012, and would be phased in with the apportionment formula having a 100 percent sales factor by 2015. Amends § 58.1-408 (“What income apportioned and how.”), of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed

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Bill Text

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