SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2023 SESSION

  • | print version

SB 1346 Taxable income apportionment; retail companies.

Introduced by: George L. Barker | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Taxable income apportionment; retail companies. Provides that, beginning with taxable year 2023, affiliated corporations filing on a consolidated basis may elect to apportion the taxable income of all members of the affiliated group using sales factor alone even if one or more members of the affiliated group would be required to use different apportionment factors if filing separate returns. The election is valid only in taxable years for which 80 percent or more of the affiliated group's sales is derived from retail company activities. This bill is identical to HB 1978.


FULL TEXT

HISTORY