Virginia House Bill 1499 (Prior Session Legislation)

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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]

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.

Apportionment of income; corporate income tax.

Del. Glenn Davis [R]

Date	Chamber	Action
2017-02-07	House	Left in Finance
2017-01-25	House	Subcommittee recommends laying on the table by voice vote
2017-01-17	House	Assigned Finance sub: Subcommittee #2
2016-12-17	House	Referred to Committee on Finance
2016-12-17	House	Prefiled and ordered printed; offered 01/11/17 17100171D

Chapter	Article	Section	Citation Type	Statute Text
58	1	408	(n/a)	See Bill Text
58	1	414	(n/a)	See Bill Text
58	1	416	(n/a)	See Bill Text
58	1	422	(n/a)	See Bill Text
58	1	422.1	(n/a)	See Bill Text
58	1	422.2	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?171+sum+HB1499
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB1499+hil