VA HB551 | 2024 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 9 2024 - 25% progression, died in committee
Action: 2024-02-13 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

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.

Tracking Information

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Title

Income tax, corporate; apportionment of income using single sales factor method.

Sponsors


Roll Calls

2024-02-05 - House - House: Subcommittee recommends laying on the table (5-Y 3-N) (Y: 5 N: 3 NV: 0 Abs: 1) [PASS]

History

DateChamberAction
2024-02-13HouseLeft in Finance
2024-02-05HouseSubcommittee recommends laying on the table (5-Y 3-N)
2024-02-02HouseAssigned Finance sub: Subcommittee #1
2024-01-09HouseReferred to Committee on Finance
2024-01-09HousePrefiled and ordered printed; offered 01/10/24 24103605D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581408(n/a)See Bill Text

Virginia State Sources


Bill Comments

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