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2011 SESSION

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SB 998 Income tax, corporate; lower rate for certain businesses.

Introduced by: Richard H. Stuart | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income tax; lower rate for certain businesses.  Reduces the corporate income tax rate from six percent to three percent for the first three years after a business located (i) outside Virginia opens an office in a Virginia locality with population of 200,000 or fewer individuals and (ii) in a Virginia locality with a population exceeding 200,000 people opens a satellite office or operation in a Virginia locality with a population of 200,000 or fewer, for taxable years beginning on or after January 1, 2011. The capital investment made by the corporation must be $250,000 or more and the tax reduction may not exceed the amount of that capital investment.


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