{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-400.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-400.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-400.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-400.2.html"}],"law_id":77310,"edition_id":1,"section_id":77310,"structure_id":13460,"section_number":"58.1-400.2","catch_line":"Taxation of electric suppliers, pipeline distribution companies, gas utilities, and gas suppliers","history":"1999, c. 971; 2000, cc. 691, 706.","full_text":"A\n\nAny electric supplier, pipeline distribution company, gas utility, or gas supplier that is subject to income tax pursuant to the Internal Revenue Code of 1986, as amended, except those organized as cooperatives and exempt from federal taxation under § 501 of the Internal Revenue Code of 1986, as amended, shall be subject to the tax levied pursuant to § 58.1-400.B\n\nAny electric supplier that operates as a cooperative and is exempt from income tax pursuant to § 501 of the Internal Revenue Code of 1986, shall be subject to tax at the tax rate set forth in § 58.1-400 on all modified net income derived from nonmember sales. Any gas supplier, pipeline distribution company or gas utility which has a taxable year that begins after January 1, 2001, but before January 1, 2002, shall also be subject to the provisions under subsection E.C\n\nThe following words and terms when used in this section shall have the following meanings:\n\t\t\t“Electric supplier” means any corporation, cooperative, partnership or other business entity providing electric service.\n\t\t\t“Electricity” is deemed tangible personal property for purposes of the corporate income tax pursuant to this article.\n\t\t\t“Gas supplier” means any person licensed by the State Corporation Commission to engage in the business of selling natural gas.\n\t\t\t“Gas utility” has the same meaning as provided in \u00a7 56-235.8.\n\t\t\t“Members” means those customers of a cooperative who receive allocations of patronage capital from a cooperative.\n\t\t\t“Modified net income” means all revenue of a cooperative from the sale of electricity within the Commonwealth with the following subtractions:1\n\nRevenue attributable to sales of electric power to its members.2\n\nNonmember share of all ordinary and necessary expenses paid or incurred during the taxable year in carrying on the sale of electric power to nonmembers. Such nonmember expenses shall be determined by allocating the amount of such expenses between sales of electricity to members and sales of electricity to nonmembers. Such allocation shall be applicable to all tax credits available to an electric supplier.\n\t\t\t\t“Nonmember” means those customers which are not members.\n\t\t\t\t“Ordinary and necessary expenses paid or incurred” means ordinary and necessary expenses determined according to generally accepted accounting principles.\n\t\t\t\t“Pipeline distribution company” has the same meaning as provided in § 58.1-2600.D\n\nThe Department of Taxation shall promulgate all regulations necessary to implement the intent of this section. This section shall apply to taxable years beginning on and after January 1, 2001.E\n\n1. Any gas supplier, pipeline distribution company or gas utility which has a taxable year that begins after January 1, 2001, but before January 1, 2002, shall be required to file an income tax return as if a short taxable year has occurred covering the period beginning January 1, 2001, and ending on the last day prior to the beginning of the gas supplier’s, pipeline distribution company’s or gas utility’s taxable year pursuant to \u00a7 58.1-440 A.2\n\nIf a return is required to be made under subdivision 1 of this subsection, federal taxable income will be determined using the methodology prescribed in § 443 of the Internal Revenue Code, as if the gas supplier, pipeline distribution company or gas utility was undergoing a change of annual accounting period, and § 58.1-440 B and the regulations thereunder.","order_by":null,"text":{"0":{"id":277284,"text":"Any electric supplier, pipeline distribution company, gas utility, or gas supplier that is subject to income tax pursuant to the Internal Revenue Code of 1986, as amended, except those organized as cooperatives and exempt from federal taxation under § 501 of the Internal Revenue Code of 1986, as amended, shall be subject to the tax levied pursuant to § 58.1-400.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":277285,"text":"Any electric supplier that operates as a cooperative and is exempt from income tax pursuant to § 501 of the Internal Revenue Code of 1986, shall be subject to tax at the tax rate set forth in § 58.1-400 on all modified net income derived from nonmember sales. Any gas supplier, pipeline distribution company or gas utility which has a taxable year that begins after January 1, 2001, but before January 1, 2002, shall also be subject to the provisions under subsection E.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":277286,"text":"The following words and terms when used in this section shall have the following meanings:\n\t\t\t“Electric supplier” means any corporation, cooperative, partnership or other business entity providing electric service.\n\t\t\t“Electricity” is deemed tangible personal property for purposes of the corporate income tax pursuant to this article.\n\t\t\t“Gas supplier” means any person licensed by the State Corporation Commission to engage in the business of selling natural gas.\n\t\t\t“Gas utility” has the same meaning as provided in \u00a7 56-235.8.\n\t\t\t“Members” means those customers of a cooperative who receive allocations of patronage capital from a cooperative.\n\t\t\t“Modified net income” means all revenue of a cooperative from the sale of electricity within the Commonwealth with the following subtractions:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":277287,"text":"Revenue attributable to sales of electric power to its members.","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":277288,"text":"Nonmember share of all ordinary and necessary expenses paid or incurred during the taxable year in carrying on the sale of electric power to nonmembers. Such nonmember expenses shall be determined by allocating the amount of such expenses between sales of electricity to members and sales of electricity to nonmembers. Such allocation shall be applicable to all tax credits available to an electric supplier.\n\t\t\t\t“Nonmember” means those customers which are not members.\n\t\t\t\t“Ordinary and necessary expenses paid or incurred” means ordinary and necessary expenses determined according to generally accepted accounting principles.\n\t\t\t\t“Pipeline distribution company” has the same meaning as provided in § 58.1-2600.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"5":{"id":277289,"text":"The Department of Taxation shall promulgate all regulations necessary to implement the intent of this section. This section shall apply to taxable years beginning on and after January 1, 2001.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"6":{"id":277290,"text":"1. Any gas supplier, pipeline distribution company or gas utility which has a taxable year that begins after January 1, 2001, but before January 1, 2002, shall be required to file an income tax return as if a short taxable year has occurred covering the period beginning January 1, 2001, and ending on the last day prior to the beginning of the gas supplier’s, pipeline distribution company’s or gas utility’s taxable year pursuant to \u00a7 58.1-440 A.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E2"},"7":{"id":277291,"text":"If a return is required to be made under subdivision 1 of this subsection, federal taxable income will be determined using the methodology prescribed in § 443 of the Internal Revenue Code, as if the gas supplier, pipeline distribution company or gas utility was undergoing a change of annual accounting period, and § 58.1-440 B and the regulations thereunder.","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E"}},"ancestry":[{"id":13460,"edition_id":1,"name":"Taxation of Corporations","identifier":"10","label":"article","depth":4,"order_by":1,"parent_id":13152,"metadata":{},"date_created":"2026-06-26 03:44:56","date_modified":"2026-06-26 03:44:56","permalink":{"id":253359,"object_type":"structure","relational_id":13460,"identifier":"10","token":"58.1\/I\/3\/10","url":"\/58.1\/I\/3\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13152,"edition_id":1,"name":"Income Tax","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":253267,"object_type":"structure","relational_id":13152,"identifier":"3","token":"58.1\/I\/3","url":"\/58.1\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60955,"structure_id":13460,"section_number":"58.1-400","catch_line":"Imposition of tax","url":"\/58.1-400\/","token":"58.1\/I\/3\/10\/58.1-400","metadata":false},{"id":58533,"structure_id":13460,"section_number":"58.1-400.1","catch_line":"Minimum tax on telecommunications companies","url":"\/58.1-400.1\/","token":"58.1\/I\/3\/10\/58.1-400.1","metadata":false},{"id":77310,"structure_id":13460,"section_number":"58.1-400.2","catch_line":"Taxation of electric suppliers, pipeline distribution companies, gas utilities, and gas suppliers","url":"\/58.1-400.2\/","token":"58.1\/I\/3\/10\/58.1-400.2","metadata":false},{"id":79891,"structure_id":13460,"section_number":"58.1-400.3","catch_line":"Minimum tax on certain electric suppliers","url":"\/58.1-400.3\/","token":"58.1\/I\/3\/10\/58.1-400.3","metadata":false},{"id":85449,"structure_id":13460,"section_number":"58.1-400.4","catch_line":"Minimum tax on home service contract providers","url":"\/58.1-400.4\/","token":"58.1\/I\/3\/10\/58.1-400.4","metadata":false},{"id":75981,"structure_id":13460,"section_number":"58.1-401","catch_line":"Exemptions and exclusions","url":"\/58.1-401\/","token":"58.1\/I\/3\/10\/58.1-401","metadata":false},{"id":56970,"structure_id":13460,"section_number":"58.1-402","catch_line":"Virginia taxable income","url":"\/58.1-402\/","token":"58.1\/I\/3\/10\/58.1-402","metadata":false},{"id":65538,"structure_id":13460,"section_number":"58.1-403","catch_line":"Additional modifications to determine Virginia taxable income for certain corporations","url":"\/58.1-403\/","token":"58.1\/I\/3\/10\/58.1-403","metadata":false},{"id":61129,"structure_id":13460,"section_number":"58.1-404","catch_line":"Reserved","url":"\/58.1-404\/","token":"58.1\/I\/3\/10\/58.1-404","metadata":false},{"id":84403,"structure_id":13460,"section_number":"58.1-405","catch_line":"Corporations transacting or conducting entire business within this Commonwealth","url":"\/58.1-405\/","token":"58.1\/I\/3\/10\/58.1-405","metadata":false},{"id":56464,"structure_id":13460,"section_number":"58.1-405.1","catch_line":"Eligibility of companies for apportionment modification; certification by the Virginia Economic Development Partnership Authority","url":"\/58.1-405.1\/","token":"58.1\/I\/3\/10\/58.1-405.1","metadata":false},{"id":56080,"structure_id":13460,"section_number":"58.1-406","catch_line":"Allocation and apportionment of income","url":"\/58.1-406\/","token":"58.1\/I\/3\/10\/58.1-406","metadata":false},{"id":56963,"structure_id":13460,"section_number":"58.1-407","catch_line":"How dividends allocated","url":"\/58.1-407\/","token":"58.1\/I\/3\/10\/58.1-407","metadata":false},{"id":86858,"structure_id":13460,"section_number":"58.1-408","catch_line":"What income apportioned and how","url":"\/58.1-408\/","token":"58.1\/I\/3\/10\/58.1-408","metadata":false},{"id":76197,"structure_id":13460,"section_number":"58.1-409","catch_line":"Property factor","url":"\/58.1-409\/","token":"58.1\/I\/3\/10\/58.1-409","metadata":false},{"id":54428,"structure_id":13460,"section_number":"58.1-410","catch_line":"Valuation of property owned or rented","url":"\/58.1-410\/","token":"58.1\/I\/3\/10\/58.1-410","metadata":false},{"id":80735,"structure_id":13460,"section_number":"58.1-411","catch_line":"Average value of property","url":"\/58.1-411\/","token":"58.1\/I\/3\/10\/58.1-411","metadata":false},{"id":60991,"structure_id":13460,"section_number":"58.1-412","catch_line":"Payroll factor","url":"\/58.1-412\/","token":"58.1\/I\/3\/10\/58.1-412","metadata":false},{"id":65358,"structure_id":13460,"section_number":"58.1-413","catch_line":"When compensation deemed paid or accrued in this Commonwealth","url":"\/58.1-413\/","token":"58.1\/I\/3\/10\/58.1-413","metadata":false},{"id":74292,"structure_id":13460,"section_number":"58.1-414","catch_line":"Sales factor","url":"\/58.1-414\/","token":"58.1\/I\/3\/10\/58.1-414","metadata":false},{"id":78515,"structure_id":13460,"section_number":"58.1-415","catch_line":"When sales of tangible personal property deemed in the Commonwealth","url":"\/58.1-415\/","token":"58.1\/I\/3\/10\/58.1-415","metadata":false},{"id":55363,"structure_id":13460,"section_number":"58.1-416","catch_line":"(Contingent effective date \u2014 See Editor's note) When certain other sales deemed in the Commonwealth","url":"\/58.1-416\/","token":"58.1\/I\/3\/10\/58.1-416","metadata":false},{"id":86205,"structure_id":13460,"section_number":"58.1-417","catch_line":"Motor carriers; 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This law was first created in 1999. The record of its establishment is cataloged in chapter 971<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2000, chapters 691<\/a> and 706<\/a>.<\/p>","references":[{"id":55735,"section_number":"58.1-2626","catch_line":"Annual state license tax on companies furnishing water, heat, light or power","order_by":null,"url":"\/58.1-2626\/"},{"id":86594,"section_number":"58.1-2628","catch_line":"Annual report","order_by":null,"url":"\/58.1-2628\/"},{"id":79433,"section_number":"58.1-2660","catch_line":"Special revenue tax; levy","order_by":null,"url":"\/58.1-2660\/"},{"id":60028,"section_number":"58.1-2903","catch_line":"Use of electric utility consumption tax relating to special regulatory tax","order_by":null,"url":"\/58.1-2903\/"},{"id":54294,"section_number":"58.1-3731","catch_line":"Certain public service corporations; rate limitation","order_by":null,"url":"\/58.1-3731\/"},{"id":60760,"section_number":"58.1-3814","catch_line":"Water or heat, light and power companies","order_by":null,"url":"\/58.1-3814\/"},{"id":79891,"section_number":"58.1-400.3","catch_line":"Minimum tax on certain electric suppliers","order_by":null,"url":"\/58.1-400.3\/"},{"id":75981,"section_number":"58.1-401","catch_line":"Exemptions and exclusions","order_by":null,"url":"\/58.1-401\/"},{"id":84600,"section_number":"58.1-433.1","catch_line":"Virginia Coal Employment and Production Incentive Tax Credit","order_by":null,"url":"\/58.1-433.1\/"},{"id":54651,"section_number":"58.1-440.1","catch_line":"Accounting-deferred taxes","order_by":null,"url":"\/58.1-440.1\/"},{"id":76990,"section_number":"58.1-504","catch_line":"Failure to pay estimated income tax","order_by":null,"url":"\/58.1-504\/"}],"refers_to":[{"id":78685,"section_number":"56-235.8","catch_line":"Retail supply choice for natural gas customers","order_by":null,"url":"\/56-235.8\/"},{"id":60955,"section_number":"58.1-400","catch_line":"Imposition of tax","order_by":null,"url":"\/58.1-400\/"},{"id":60123,"section_number":"58.1-440","catch_line":"Accounting","order_by":null,"url":"\/58.1-440\/"}],"permalink":{"id":253369,"object_type":"law","relational_id":77310,"identifier":"58.1-400.2","token":"58.1\/I\/3\/10\/58.1-400.2","url":"\/58.1-400.2\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-400.2\/","token":"58.1\/I\/3\/10\/58.1-400.2","dublin_core":{"Title":"Taxation of electric suppliers, pipeline distribution companies, gas utilities, and gas suppliers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-400.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any electric supplier<\/span>, pipeline distribution company<\/span>, gas utility<\/span>, or gas supplier<\/span> that is subject to income tax pursuant to the Internal Revenue Code of 1986, as amended, except those organized as cooperatives and exempt from federal taxation under § 501 of the Internal Revenue Code of 1986, as amended, shall be subject to the tax levied pursuant to § 58.1-400<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any electric supplier<\/span> that operates as a cooperative and is exempt from income tax pursuant to § 501 of the Internal Revenue Code of 1986, shall be subject to tax at the tax rate set forth in § 58.1-400<\/a> on all modified net income<\/span> derived from nonmember<\/span> sales<\/span>. Any gas supplier<\/span>, pipeline distribution company<\/span> or gas utility<\/span> which has a taxable year that begins after January 1, 2001, but before January 1, 2002, shall also be subject to the provisions under subsection E. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The following words and terms when used in this section shall have the following meanings:\n\t\t\t“Electric supplier<\/span>” means any corporation<\/span>, cooperative, partnership or other business entity providing electric service.\n\t\t\t“Electricity” is deemed tangible personal property for purposes of the corporate income tax pursuant to this article.\n\t\t\t“Gas supplier<\/span>” means any person licensed by the State Corporation<\/span> Commission to engage in the business of selling natural gas.\n\t\t\t“Gas utility<\/span>” has the same meaning as provided in \u00a7 56-235.8<\/a>.\n\t\t\t“Members<\/span>” means those customers of a cooperative who receive allocations of patronage capital from a cooperative.\n\t\t\t“Modified net income<\/span>” means all revenue of a cooperative from the sale of electricity within the Commonwealth with the following subtractions: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Revenue attributable to sales<\/span> of electric power to its members<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Nonmember<\/span> share of all ordinary and necessary expenses paid or incurred<\/span> during the taxable year in carrying on the sale of electric power to nonmembers<\/span>. Such nonmember<\/span> expenses shall be determined by allocating the amount of such expenses between sales<\/span> of electricity to members<\/span> and sales<\/span> of electricity to nonmembers<\/span>. Such allocation shall be applicable to all tax credits available to an electric supplier<\/span>.\n\t\t\t\t“Nonmember<\/span>” means those customers which are not members<\/span>.\n\t\t\t\t“Ordinary and necessary expenses paid or incurred<\/span>” means ordinary and necessary expenses determined according to generally accepted accounting principles.\n\t\t\t\t“Pipeline distribution company<\/span>” has the same meaning as provided in § 58.1-2600<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Department<\/span> of Taxation shall promulgate all regulations necessary to implement the intent<\/span> of this section. This section shall apply to taxable years beginning on and after January 1, 2001. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> 1. Any gas supplier<\/span>, pipeline distribution company<\/span> or gas utility<\/span> which has a taxable year that begins after January 1, 2001, but before January 1, 2002, shall be required to file an income tax return as if a short taxable year has occurred covering the period beginning January 1, 2001, and ending on the last day prior to the beginning of the gas supplier<\/span>’s, pipeline distribution company<\/span>’s or gas utility<\/span>’s taxable year pursuant to \u00a7 58.1-440<\/a> A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If a return is required to be made under subdivision 1 of this subsection, federal taxable income will be determined using the methodology prescribed in § 443 of the Internal Revenue Code, as if the gas supplier<\/span>, pipeline distribution company<\/span> or gas utility<\/span> was undergoing a change of annual accounting period, and § 58.1-440<\/a> B and the regulations thereunder. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTAXATION OF ELECTRIC SUPPLIERS, PIPELINE DISTRIBUTION COMPANIES, GAS UTILITIES,\nAND GAS SUPPLIERS (\u00a7 58.1-400.2)\n\nA. Any electric supplier, pipeline distribution company, gas utility, or gas\nsupplier that is subject to income tax pursuant to the Internal Revenue Code of\n1986, as amended, except those organized as cooperatives and exempt from federal\ntaxation under § 501 of the Internal Revenue Code of 1986, as amended,\nshall be subject to the tax levied pursuant to § 58.1-400.\n\nB. Any electric supplier that operates as a cooperative and is exempt from\nincome tax pursuant to § 501 of the Internal Revenue Code of 1986, shall be\nsubject to tax at the tax rate set forth in § 58.1-400 on all modified net\nincome derived from nonmember sales. Any gas supplier, pipeline distribution\ncompany or gas utility which has a taxable year that begins after January 1,\n2001, but before January 1, 2002, shall also be subject to the provisions under\nsubsection E.\n\nC. The following words and terms when used in this section shall have the\nfollowing meanings:\n\t\t\t“Electric supplier” means any corporation, cooperative,\npartnership or other business entity providing electric service.\n\t\t\t“Electricity” is deemed tangible personal property for purposes\nof the corporate income tax pursuant to this article.\n\t\t\t“Gas supplier” means any person licensed by the State Corporation\nCommission to engage in the business of selling natural gas.\n\t\t\t“Gas utility” has the same meaning as provided in \u00a7 56-235.8.\n\t\t\t“Members” means those customers of a cooperative who receive\nallocations of patronage capital from a cooperative.\n\t\t\t“Modified net income” means all revenue of a cooperative from the\nsale of electricity within the Commonwealth with the following subtractions:\n\n 1. Revenue attributable to sales of electric power to its members.\n\n 2. Nonmember share of all ordinary and necessary expenses paid or incurred\n during the taxable year in carrying on the sale of electric power to\n nonmembers. Such nonmember expenses shall be determined by allocating the\n amount of such expenses between sales of electricity to members and sales of\n electricity to nonmembers. Such allocation shall be applicable to all tax\n credits available to an electric supplier.\n \t\t\t\t“Nonmember” means those customers which are not members.\n \t\t\t\t“Ordinary and necessary expenses paid or incurred” means\n ordinary and necessary expenses determined according to generally accepted\n accounting principles.\n \t\t\t\t“Pipeline distribution company” has the same meaning as\n provided in § 58.1-2600.\n\nD. The Department of Taxation shall promulgate all regulations necessary to\nimplement the intent of this section. This section shall apply to taxable years\nbeginning on and after January 1, 2001.\n\nE. 1. Any gas supplier, pipeline distribution company or gas utility which has a\ntaxable year that begins after January 1, 2001, but before January 1, 2002,\nshall be required to file an income tax return as if a short taxable year has\noccurred covering the period beginning January 1, 2001, and ending on the last\nday prior to the beginning of the gas supplier’s, pipeline distribution\ncompany’s or gas utility’s taxable year pursuant to \u00a7 58.1-440 A.\n\n 2. If a return is required to be made under subdivision 1 of this subsection,\n federal taxable income will be determined using the methodology prescribed in\n § 443 of the Internal Revenue Code, as if the gas supplier, pipeline\n distribution company or gas utility was undergoing a change of annual\n accounting period, and § 58.1-440 B and the regulations thereunder.\n\nHISTORY: 1999, c. 971; 2000, cc. 691, 706.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}