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1998 SESSION

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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.


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