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1999 SESSION
995225809Be 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, 2000.
3. That for the purposes of any of the computations required under the Personal Property Tax Relief Act of 1998 (§ 58.1-3523 et seq.), the estimated decrease in revenue attributable to the provisions of this Act shall be considered as receipts or amounts actually collected.