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1999 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, unless one or more of the events listed in subsection C of § 58.1-3524 has occurred prior to such date. If any one of these events occurs before January 1, 2000, this act shall not become effective for taxable years beginning on and after January 1, 2000, but shall instead become effective for taxable years beginning on and after January 1 of the first year thereafter when none of the events listed in subsection C of § 58.1-3524 have occurred during the immediately preceding calendar year.