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2004 SESSION

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SB 683 Income tax, corporate; changes provisions permissible & impermissible transactions bet. companies.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income tax; add back for related companies. Describes permissible and impermissible transactions between interrelated companies for purposes of calculating their Virginia corporate income tax liability. In general, a company is required to add back interest expenses and costs and intangible expenses and costs relating to transactions with one or more related entities, but several exceptions are provided to protect legitimate interrelated company transactions that have economic substance and reflect valid arm's length standards.

FULL TEXT

• 01/23/04  Senate: Presented & ordered printed 041815840  pdf | impact statement

HISTORY

• 01/23/04  Senate: Presented & ordered printed 041815840
• 01/23/04  Senate: Referred to Committee on Finance
• 02/17/04  Senate: Incorporated by Fin. (SB635-Chichester) by voice vote