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. This bill is identical to HB 1481.

Statutes affected:
Senate: Prefiled and ordered printed; offered 01/11/23 23103193D: 58.1-416
Senate: Committee substitute printed 23105249D-S1: 58.1-416
House: Committee substitute printed 23106558D-H1: 58.1-416
Senate: Conference substitute printed 23107202D-S2: 58.1-416
Senate: Bill text as passed Senate and House (SB1349ER): 58.1-416
Governor: Acts of Assembly Chapter text (CHAP0406): 58.1-416