HB 224

Abstract

Corporate income tax returns of affiliated corporations. Provides that, for taxable years 2023 and 2024, certain affiliated corporations may elect to switch to or from consolidated corporate income tax return filing status under certain conditions, including the requirement that the affiliated group filed on the same basis for the preceding 20 years. The option would be available only to a group with at least one affiliate that is a bank exempt from filing a Virginia corporate income tax return. Current law requires a group of corporations to apply to the Tax Commissioner for permission to change the basis of the type of return filed and to meet certain specified requirements in order for permission to be granted. This bill is identical to SB 386.

Corporate income tax returns of affiliated corporations. Provides that, for taxable years 2023 and 2024, certain affiliatedcorporations may elect to switch to or from consolidated corporateincome tax return filing status under certain conditions, includingthe requirement that the affiliated group filed on the same basisfor the preceding 20 years. The option would be available only toa group with at least one affiliate that is a bank exempt from filinga Virginia corporate income tax return. Current law requires a groupof corporations to apply to the Tax Commissioner for permission tochange the basis of the type of return filed and to meet certainspecified requirements in order for permission to be granted.