Virginia Senate Bill 407 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 13 2010 - 25% progression, died in chamber
Action: 2010-02-11 - Senate: Stricken at request of Patron in Finance (14-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]

Corporate income tax; inclusion of certain income. Clarifies the addition required for royalty and similar payments made to an affiliated intangible holding company ("IHC") by codifying The Department of Taxation's ("TAX") interpretation of the exception for payments on which the IHC is subject to tax in another state. TAX has interpreted this exception as being limited to the portion of the payments that are subject to tax in the other state(s). Thus, if five percent of the IHC's income was apportioned to another state, then only five percent of the payments to the IHC are exempt from the addition.

Income tax, corporate; required for royalty and similar payments made to intangible holding company.

Sen. Mary Whipple [D]

2010-02-11 - Senate - Senate: Stricken at request of Patron in Finance (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2010-02-11		Senate: Stricken at request of Patron in Finance (14-Y 0-N)
2010-01-13		Senate: Referred to Committee on Finance
2010-01-13		Senate: Prefiled and ordered printed; offered 01/13/10 10101377D

Chapter	Article	Section	Citation Type	Statute Text
58	1	402	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?101+sum+SB407
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?101+ful+SB407+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?101+vot+S05V0150+SB0407