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2024 SESSION

• | print version

HB 551 Income tax, Corporate; apportionment of income using single sales factor method.

Introduced by: Joseph P. McNamara | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income tax; apportionment. Allows, for taxable years beginning on and after January 1, 2024, for corporations to apportion their income to the Commonwealth using the single sales factor method. The bill provides that such apportionment method shall be used only if the corporation makes an election to do so.

FULL TEXT

• 01/09/24  House: Prefiled and ordered printed; offered 01/10/24 24103605D  pdf | impact statement

HISTORY

• 01/09/24  House: Prefiled and ordered printed; offered 01/10/24 24103605D
• 01/09/24  House: Referred to Committee on Finance
• 02/02/24  House: Assigned Finance sub: Subcommittee #1
• 02/05/24  House: Subcommittee recommends laying on the table (5-Y 3-N)
• 02/13/24  House: Left in Finance