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2015 SESSION
SB 1364 Income tax, corporate; apportionment of income for manufacturers, exemptions.
Introduced by: Kenneth C. Alexander | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Corporate income tax; apportionment of income for manufacturers; defense manufacturers. Exempts defense manufacturers that elect to use single sales factor apportionment for purposes of determining corporate income tax liability in the Commonwealth from the requirement that they maintain certain levels of employment and wages of their full-time employees. The exemption would be applicable for taxable years beginning on and after January 1, 2016, but before January 1, 2021. The Department of Taxation is directed to report no later than January 1, 2016, regarding the application of the existing single sales factor apportionment and an estimate of the fiscal impact that this bill would have if it were in effect for taxable year 2015. The bill has a reenactment clause.
SUMMARY AS INTRODUCED:
Corporate income tax; apportionment of income for manufacturers; defense manufacturers. Exempts defense manufacturers that elect to use single sales factor apportionment for purposes of determining corporate income tax liability in the Commonwealth from the requirement that they maintain certain levels of employment and wages of their full-time employees. The exemption would be applicable for taxable years beginning on and after January 1, 2015, but before January 1, 2021.