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1999 SESSION
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.
FULL TEXT
- 01/20/99 Senate: Presented & ordered printed 999538739 pdf
- 02/04/99 Senate: Printed as engrossed 999538739-E pdf
- 02/26/99 Senate: Bill text as passed Senate and House (SB1076ER) pdf
- 03/25/99 Governor: Acts of Assembly Chapter text (CHAP0158) pdf
AMENDMENTS
HISTORY
- 01/20/99 Senate: Presented & ordered printed 999538739
- 01/20/99 Senate: Referred to Committee on Finance
- 02/02/99 Senate: Reported from Finance with amendment (17-Y 0-N)
- 02/03/99 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/03/99 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/04/99 Senate: Read second time
- 02/04/99 Senate: Reading of amendment waived
- 02/04/99 Senate: Committee amendment agreed to
- 02/04/99 Senate: Engrossed by Senate as amended
- 02/04/99 Senate: Printed as engrossed 999538739-E
- 02/04/99 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/04/99 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/04/99 Senate: Passed Senate (40-Y 0-N)
- 02/04/99 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/04/99 Senate: Communicated to House
- 02/06/99 House: Placed on Calendar
- 02/07/99 House: Read first time
- 02/07/99 House: Referred to Committee on Finance
- 02/08/99 House: Assigned to Finance sub-committee: 1
- 02/16/99 House: Reported from Finance (22-Y 2-N)
- 02/17/99 House: Constitutional reading dispensed
- 02/17/99 House: Read third time
- 02/17/99 House: Amendment by Mr. Cantor agreed to
- 02/17/99 House: Engrossed by House as amended
- 02/17/99 House: Passed House with amendment (98-Y 1-N)
- 02/17/99 House: VOTE: PASSAGE (98-Y 1-N)
- 02/17/99 Senate: Reading of amendment waived
- 02/17/99 Senate: House amendment agreed to by Senate (39-Y 0-N)
- 02/17/99 Senate: VOTE: CONCUR HOUSE AMENDMENT (39-Y 0-N)
- 02/26/99 Senate: Bill text as passed Senate and House (SB1076ER)
- 03/01/99 Senate: Enrolled
- 03/01/99 House: Signed by Speaker
- 03/03/99 Senate: Signed by President
- 03/17/99 Governor: Approved by Governor-Chapter 158 (effective-see bill)
- 03/25/99 Governor: Acts of Assembly Chapter text (CHAP0158)