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Bill > SB1349
VA SB1349
VA SB1349Internet root infrastructure providers; taxation of corporations, apportionment.
summary
Introduced
01/11/2023
01/11/2023
In Committee
02/13/2023
02/13/2023
Crossed Over
02/24/2023
02/24/2023
Passed
03/07/2023
03/07/2023
Dead
Signed/Enacted/Adopted
03/23/2023
03/23/2023
Introduced Session
2023 Regular Session
Bill Summary
Taxation of corporations; apportionment; Internet root infrastructure providers. Provides that Internet root infrastructure providers, defined in the bill, that meet certain criteria and choose to enter into a memorandum of understanding with the Virginia Economic Development Partnership Authority may use a hybrid sales factor in their income apportionment calculations when filing Virginia corporate income tax returns. The bill is effective for taxable years beginning on and after January 1, 2023, provided that the provider and the Authority enter into an MOU no later than December 1, 2023.
AI Summary
This bill provides that Internet root infrastructure providers that meet certain criteria and enter into a memorandum of understanding with the Virginia Economic Development Partnership Authority may use a hybrid sales factor in their income apportionment calculations when filing Virginia corporate income tax returns. The bill is effective for taxable years beginning on and after January 1, 2023, provided that the provider and the Authority enter into an MOU no later than December 1, 2023. The bill also outlines reporting requirements, compliance provisions, and other administrative details related to the implementation of this tax treatment for eligible Internet root infrastructure providers.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Governor: Acts of Assembly Chapter text (CHAP0406) (on 03/23/2023)
Official Document
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