Taxable income apportionment; retail companies. Provides that, beginning with taxable year 2023, affiliated corporations filing on a consolidated basis may elect to apportion the taxable income of all members of the affiliated group using sales factor alone even if one or more members of the affiliated group would be required to use different apportionment factors if filing separate returns. The election is valid only in taxable years for which 80 percent or more of the affiliated group's sales is derived from retail company activities. This bill is identical to SB 1346.

Statutes affected:
House: Prefiled and ordered printed; offered 01/11/23 23102917D: 58.1-422.1
House: Bill text as passed House and Senate (HB1978ER): 58.1-422.1
Governor: Acts of Assembly Chapter text (CHAP0038): 58.1-422.1