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1998 SESSION
983232629Patrons-- Stolle, Holland, Miller, K.G., Saslaw and Trumbo; Delegates: Croshaw, Deeds, Diamonstein, Landes, McEachin, Puller and Sherwood
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 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, 1998.