VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

• history | hilite | pdf | print version

994437200
HOUSE BILL NO. 1954 Offered January 18, 1999 A BILL to amend and reenact § 58.1-408 of the Code of Virginia, relating to apportionment of taxable income of a corporation. ----------
Patrons-- DeBoer, Abbitt, Armstrong, Behm, Brink, Croshaw, Deeds, Dickinson, Drake, Griffith, Hall, Hargrove, Harris, Jackson, Katzen, Landes, McClure, McEachin, Melvin, Morgan, O'Brien, Puller, Reid, Rhodes, Rust, Tate, Wilkins, Williams and Woodrum; Senators: Hanger, Hawkins, Lambert, Reynolds, Stolle, Stosch, Trumbo and Williams
---------- Referred to Committee on Corporations, Insurance and Banking ----------

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, 2000.