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2012 SESSION

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HB 154 Income tax, corporate; requires retail companies to use single-sales factor apportionment formula.

Introduced by: R. Lee Ware, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Apportionment of corporate income tax; retail companies.  Requires retail companies to use a formula for apportioning taxable income to the Commonwealth based on multiplying their income by the sales factor.  The provisions of the bill would be effective for tax years beginning on or after July 1, 2012, and would be phased in with the apportionment formula having a 100 percent sales factor by 2015. This bill is identical to SB 49.

SUMMARY AS INTRODUCED:

Apportionment of corporate income tax; retail companies.  Requires retail companies to use an apportionment formula for payment of income taxes of multiplying their income by the sales factor. The provisions of the bill would be effective beginning July 1, 2012, and would be phased in with the apportionment formula having a 100 percent sales factor by 2015.