Income tax, corporate; market-based sourcing. (HB442)

Introduced By

Del. Glenn Davis (R-Virginia Beach)

Progress

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

Description

Corporate income tax; market-based sourcing. Changes the way the sales factor is determined, for purposes of the corporate income tax, so that it will be market-based sourcing rather than costs of performance, which is the current method used. The provisions of the bill would become effective beginning on January 1st of the year following the calendar year in which the Department of Taxation publishes guidelines to implement market-based sourcing, but in no event later than January 1, 2016. Amends § 58.1-416, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/05/2014Committee
01/05/2014Prefiled and ordered printed; offered 01/08/14 14102326D
01/05/2014Referred to Committee on Finance
01/22/2014Assigned Finance sub: Subcommittee #3
01/24/2014Subcommittee recommends laying on the table
02/12/2014Left in Finance