HB 551 Virginia House of Delegates · 2024 Regular Session

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

Summary
Corporate income tax; apportionment. Allows,for taxable years beginning on and after January 1, 2024, for corporationsto apportion their income to the Commonwealth using the single salesfactor method. The bill provides that such apportionment method shallbe used only if the corporation makes an election to do so.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Feb 13, 2024
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
6
Key actions
1
Committee
3
Feb 5, 2024
Lower · Passed
Subcommittee recommends laying on the table (5-Y 3-N)
lower
Feb 2, 2024
Committee
Assigned Finance sub: Subcommittee #1
lower
Jan 9, 2024
Committee
Referred to Committee on Finance
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Joe McNamara
Joe McNamara
RRepublican
VA
40