VA HB1499 | 2017 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on December 17 2016 - 25% progression, died in committee
Action: 2017-02-07 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Apportionment of income; corporate income tax. Makes several changes to the current method used by multistate corporations to apportion income to Virginia for purposes of the corporate income tax, including (i) establishing sales as the sole factor to be used in apportioning income, with such single sales factor apportionment phased in and first effective beginning with taxable year 2020; (ii) adopting market-based sourcing as the approach for sourcing sales of services and nontangible personal property to Virginia; and (iii) eliminating the requirements placed on manufacturing companies electing single sales factor apportionment to maintain certain employment and wage levels.

Tracking Information

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Title

Apportionment of income; corporate income tax.

Sponsors


History

DateChamberAction
2017-02-07HouseLeft in Finance
2017-01-25HouseSubcommittee recommends laying on the table by voice vote
2017-01-17HouseAssigned Finance sub: Subcommittee #2
2016-12-17HouseReferred to Committee on Finance
2016-12-17HousePrefiled and ordered printed; offered 01/11/17 17100171D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581408(n/a)See Bill Text
581414(n/a)See Bill Text
581416(n/a)See Bill Text
581422(n/a)See Bill Text
581422.1(n/a)See Bill Text
581422.2(n/a)See Bill Text

Virginia State Sources


Bill Comments

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