SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2018 SESSION

  • | print version

HB 798 Income tax, state; apportionment of sales for debt buyers.

Introduced by: Glenn R. Davis | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; apportionment of sales for debt buyers. Requires debt buyers, defined in the bill, to apportion their income from the collection of debt to Virginia based on a single sales factor starting with taxable year 2019. Generally, under current law, a taxpayer apportions its income to Virginia based on the ratio of its property, payroll, and sales in Virginia to the same factors in all other states.

Current law requires multistate businesses to apportion income from sales, other than sales of tangible personal property, to Virginia if the income-producing activity is performed only in Virginia or a greater proportion of the income-producing activity is performed in Virginia than in any other state.

The bill provides that all income recovered on debt from a person or entity residing in the Commonwealth shall be apportioned to the Commonwealth for income tax purposes.


FULL TEXT

HISTORY