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1998 SESSION
SB 709 Corporate income tax; apportionment.
Introduced by: Kenneth W. Stolle | all patrons ... notes | add to my profiles
SUMMARY:
Corporate income tax; apportionment. Revises the formula for calculating the portion of a corporation's income that is subject to the Virginia corporate income tax. Currently, Virginia generally uses a three-factor test by which the total of the property factor, payroll factor, and sales factor is divided by three. Under this measure the sales factor is double-weighted, with the result that, when all three factors are present, the property factor, payroll factor, and twice the sales factor will be divided by four. The measure applies for taxable years beginning on and after January 1, 2000, and will take effect only if reenacted by the 1999 Session of the General Assembly.
FULL TEXT
- 01/26/98 Senate: Presented & ordered printed 983232629 pdf
- 02/17/98 Senate: Printed as engrossed 983232629-E pdf
- 03/17/98 Senate: Bill text as passed Senate and House (SB709ER) pdf
- 04/29/98 Governor: Acts of Assembly Chapter text (CHAP0644) pdf
AMENDMENTS
HISTORY
- 01/26/98 Senate: Presented & ordered printed 983232629
- 01/26/98 Senate: Referred to Committee on Finance
- 02/16/98 Senate: Reported from Finance with amendments (16-Y 1-N)
- 02/17/98 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/17/98 Senate: VOTE: (38-Y 0-N)
- 02/17/98 Senate: Read second time
- 02/17/98 Senate: Reading of amendments waived
- 02/17/98 Senate: Committee amendments agreed to
- 02/17/98 Senate: Engrossed by Senate as amended
- 02/17/98 Senate: Printed as engrossed 983232629-E
- 02/17/98 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/17/98 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/17/98 Senate: Passed Senate (39-Y 1-N)
- 02/17/98 Senate: VOTE: PASSAGE R (39-Y 1-N)
- 02/17/98 Senate: Communicated to House
- 02/19/98 House: Placed on Calendar
- 02/20/98 House: Read first time
- 02/20/98 House: Referred to Committee on Finance
- 03/03/98 House: Reported from Finance (24-Y 0-N)
- 03/04/98 House: Read second time
- 03/05/98 House: Read third time
- 03/05/98 House: Passed House (Block Vote) (99-Y 0-N)
- 03/05/98 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 03/17/98 Senate: Bill text as passed Senate and House (SB709ER)
- 03/23/98 Senate: Enrolled
- 03/23/98 House: Signed by Speaker
- 03/25/98 Senate: Signed by President
- 04/16/98 Governor: Approved by Governor-Chapter 644 (effective-see bill)
- 04/29/98 Governor: Acts of Assembly Chapter text (CHAP0644)