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2004 SPECIAL SESSION I
HB 5019 Income tax, corp.; changes provisions for permissible & impermissible trans. between companies.
Introduced by: Samuel A. Nixon, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Corporate income tax; add back for related companies. Describes permissible and impermissible transactions between interrelated companies for purposes of calculating their Virginia corporate income tax liability. In general, a company is required to add back interest expenses and costs and intangible expenses and costs relating to transactions with one or more related entities, but several exceptions or "safe harbors" are provided to protect most interrelated company transactions.
FULL TEXT
HISTORY
- 04/06/04 House: Presented & ordered printed 041475432
- 04/06/04 House: Referred to Committee on Finance
- 05/07/04 House: No action taken by Finance by voice vote