SB 1456

Abstract

Corporate income tax; sourcing of sales other than sales of tangible personal property. Implements market-based corporate income tax sourcing for attributing sales, other than sales of tangible personal property, to Virginia beginning in taxable year 2026.

A BILL to amend and reenact §§ 58.1-416, as it is currently effective and as it may become effective, 58.1-419, 58.1-422.4, and 58.1-422.5 of the Code of Virginia; to amend the Code of Virginia by adding a section numbered 58.1-416.1; and to repeal the third enactments of Chapters 256 and 257 of the Acts of Assembly of 2022, relating to sourcing of certain sales.