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1998 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-408 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-408. What income apportioned and how.
The Virginia taxable income of any corporation, except those subject to the
provisions of §§ 58.1-417, 58.1-418, 58.1-419, or § 58.1-420,
excluding income allocable under § 58.1-407, shall be apportioned to the
Commonwealth by multiplying such income by a fraction, the numerator of which
is the property factor plus the payroll factor, plus twice the sales
factor, and the denominator of which is three, reduced by the number of
factors, if any, having no denominator four; however, where the
sales factor does not exist, the denominator of the fraction shall be the
number of existing factors and where the sales factor exists but the payroll
factor or the property factor does not exist, the denominator of the fraction
shall be the number of existing factors plus one.
2. That the provisions of this act shall be effective for taxable years beginning on and after January 1, 2000.
3. That the provisions of this act shall become effective if this act is reenacted by the 1999 Session of the General Assembly.