Income tax, corporate; filing status for tax returns of affiliated corporations. (SB386)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville)

Progress

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

Description

Corporate income tax returns of affiliated corporations. Provides that, for taxable years 2023 and 2024, certain affiliated corporations may elect to switch to or from consolidated corporate income tax return filing status under certain conditions, including the requirement that the affiliated group filed on the same basis for the preceding 20 years. The option would be available only to a group with at least one affiliate that is a bank exempt from filing a Virginia corporate income tax return. Current law requires a group of corporations to apply to the Tax Commissioner for permission to change the basis of the type of return filed and to meet certain specified requirements in order for permission to be granted. Read the Bill »

Status

01/11/2022: Awaiting a Vote in the Finance and Appropriations Committee

History

DateAction
01/11/2022Prefiled and ordered printed; offered 01/12/22 22101610D
01/11/2022Referred to Committee on Finance and Appropriations

Duplicate Bills

The following bills are identical to this one: HB224.

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