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1999 SESSION

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SB 1076 Corporate income tax; apportionment.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Corporate income tax; apportionment. Reenacts legislation enacted by the 1998 Session which revised the formula for calculating the portion of a corporation's income that is subject to the Virginia corporate income tax. Currently, Virginia generally uses a three-factor test by which the total of the property factor, payroll factor, and sales factor is divided by three. Under this measure the sales factor is double-weighted, with the result that, when all three factors are present, the property factor, payroll factor, and twice the sales factor will be divided by four. The measure is effective for taxable years beginning on and after January 1, 2000, unless one of the circuit breakers in the Personal Property Tax Relief Act of 1998 has occurred prior to that date. If such an event has occurred, the effective date will be postponed until January 1 after the year when a circuit-breaking effect has not occurred.


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