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2022 SESSION
SB 346 Income tax, state; property information and analytics firms, business operations, definitions.
Introduced by: George L. Barker | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Income tax; property information and analytics firms. Allows property information and analytics firms that meet certain job creation and investment criteria to use market-based sourcing for the sale of services. The bill also sets forth numerous reporting requirements for such firms and for the Department of Taxation. The provisions of the bill shall not become effective until a memorandum of understanding is signed by a property information and analytics firm and the Virginia Economic Development Partnership Authority. This bill is identical to HB 453.
SUMMARY AS PASSED SENATE:
Income tax; property information and analytics firms. Allows property information and analytics firms that meet certain job creation and investment criteria to use market-based sourcing for the sale of services. The bill also sets forth numerous reporting requirements for such firms and for the Department of Taxation. The provisions of the bill shall not become effective until a memorandum of understanding is signed by a property information and analytics firm and the Virginia Economic Development Partnership Authority. This bill is identical to HB 453.
SUMMARY AS INTRODUCED:
Income tax; property analytics firms; apportionment and sourcing of sales. Establishes, starting with taxable year 2022, single-factor sales apportionment and market-based sourcing for property analytics firms that meet certain criteria. Under current law, the default rule for apportionment is three-factor apportionment based on property, payroll, and sales and the default rule for sourcing sales is based on cost-of-performance.