SB 1426

Abstract

Corporate income tax; Virginia taxable income; definitions. Defines, for purposes of income tax, "entire net income" as the total net income from all sources that a taxpayer is required to report for purposes of the federal income tax. The bill further defines "net operating loss" as the excess of any allowable income tax deductions over the gross income used in computing entire net income.

A BILL to amend and reenact § 58.1-301 of the Code of Virginia, relating to corporate income tax; Virginia taxable income; definitions.