{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-422.4.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-422.4.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-422.4.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-422.4.html"}],"law_id":84482,"edition_id":1,"section_id":84482,"structure_id":13460,"section_number":"58.1-422.4","catch_line":"Property information and analytics firms","history":"2022, cc. 256, 257.","full_text":"A\n\nAs used in this section:\n\t\t\t“Authority” means the Virginia Economic Development Partnership Authority.\n\t\t\t“Eligible city” means the City of Richmond.\n\t\t\t“Memorandum of understanding” means a performance agreement or related document entered into by a property information and analytics firm and the Authority on or after December 1, 2021, but before August 1, 2022, that sets forth the requirements for capital investments and the creation of new full-time jobs by such property information and analytics firm.\n\t\t\t“Property information and analytics firm” means an entity and its affiliated entities that as of January 1, 2022, is primarily a commercial real estate information and analytics firm with a location in an eligible city and that between January 1, 2022, and January 1, 2029, is expected to (i) make or cause to be made a capital investment in an eligible city of at least $414.45 million and (ii) create at least 1,785 new jobs with average annual wages of at least $85,000 per job.B\n\n1. For taxable years beginning on or after January 1, 2022, but before January 1, 2029, a property information and analytics firm shall be subject to the provisions of subdivision B 2 of \u00a7 58.1-416 only if the Authority certifies to the Department that it has at least 1,000 full-time employees as of January 1, 2022, in an eligible city, subject to the terms and conditions of the memorandum of understanding.2\n\nFor taxable years beginning on or after January 1, 2029, a property information and analytics firm shall be subject to the provisions of subdivision B 2 of § 58.1-416 only if the Authority certifies to the Department that it has at least 2,785 full-time employees as of January 1, 2029, in an eligible city, and from January 1, 2022, through December 31, 2028, has made or caused to be made a capital investment for its facilities in that eligible city of at least $414.45 million. Once the Authority certifies a property information and analytics firm has met the job and capital investment requirements set forth in this subdivision, no additional certifications shall be required and the property information and analytics firm shall continue to be subject to the provisions of subdivision B 2 of § 58.1-416 in all future taxable years.C\n\nThe General Assembly finds that the growth of property information and analytics firms, including the capital investment and new jobs spurred by such growth, is essential to the continued fiscal health of the Commonwealth. Accordingly, the provisions of subsections A and B relating to capital investment and new jobs are integral to the purpose of this section. If any provision of this section is for any reason held to be invalid or unconstitutional by the decision of a court of competent jurisdiction, that provision shall not be deemed severable.","order_by":null,"text":{"0":{"id":302810,"text":"As used in this section:\n\t\t\t“Authority” means the Virginia Economic Development Partnership Authority.\n\t\t\t“Eligible city” means the City of Richmond.\n\t\t\t“Memorandum of understanding” means a performance agreement or related document entered into by a property information and analytics firm and the Authority on or after December 1, 2021, but before August 1, 2022, that sets forth the requirements for capital investments and the creation of new full-time jobs by such property information and analytics firm.\n\t\t\t“Property information and analytics firm” means an entity and its affiliated entities that as of January 1, 2022, is primarily a commercial real estate information and analytics firm with a location in an eligible city and that between January 1, 2022, and January 1, 2029, is expected to (i) make or cause to be made a capital investment in an eligible city of at least $414.45 million and (ii) create at least 1,785 new jobs with average annual wages of at least $85,000 per job.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":302811,"text":"1. For taxable years beginning on or after January 1, 2022, but before January 1, 2029, a property information and analytics firm shall be subject to the provisions of subdivision B 2 of \u00a7 58.1-416 only if the Authority certifies to the Department that it has at least 1,000 full-time employees as of January 1, 2022, in an eligible city, subject to the terms and conditions of the memorandum of understanding.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B2"},"2":{"id":302812,"text":"For taxable years beginning on or after January 1, 2029, a property information and analytics firm shall be subject to the provisions of subdivision B 2 of § 58.1-416 only if the Authority certifies to the Department that it has at least 2,785 full-time employees as of January 1, 2029, in an eligible city, and from January 1, 2022, through December 31, 2028, has made or caused to be made a capital investment for its facilities in that eligible city of at least $414.45 million. Once the Authority certifies a property information and analytics firm has met the job and capital investment requirements set forth in this subdivision, no additional certifications shall be required and the property information and analytics firm shall continue to be subject to the provisions of subdivision B 2 of § 58.1-416 in all future taxable years.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B","next_prefix":"C"},"3":{"id":302813,"text":"The General Assembly finds that the growth of property information and analytics firms, including the capital investment and new jobs spurred by such growth, is essential to the continued fiscal health of the Commonwealth. Accordingly, the provisions of subsections A and B relating to capital investment and new jobs are integral to the purpose of this section. If any provision of this section is for any reason held to be invalid or unconstitutional by the decision of a court of competent jurisdiction, that provision shall not be deemed severable.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2"}},"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; 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This law was first created in 2022. The record of its establishment is cataloged in chapters 256<\/a> and 257<\/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.<\/p>","references":[{"id":55363,"section_number":"58.1-416","catch_line":"(Contingent effective date \u2014 See Editor's note) When certain other sales deemed in the Commonwealth","order_by":null,"url":"\/58.1-416\/"}],"refers_to":[{"id":55363,"section_number":"58.1-416","catch_line":"(Contingent effective date \u2014 See Editor's note) When certain other sales deemed in the Commonwealth","order_by":null,"url":"\/58.1-416\/"}],"permalink":{"id":253485,"object_type":"law","relational_id":84482,"identifier":"58.1-422.4","token":"58.1\/I\/3\/10\/58.1-422.4","url":"\/58.1-422.4\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-422.4\/","token":"58.1\/I\/3\/10\/58.1-422.4","dublin_core":{"Title":"Property information and analytics firms","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-422.4","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section:\n\t\t\t“Authority<\/span>” means the Virginia Economic Development Partnership Authority<\/span>.\n\t\t\t“Eligible city<\/span>” means the City of Richmond.\n\t\t\t“Memorandum of understanding<\/span>” means a performance agreement or related document entered into by a property information and analytics firm<\/span> and the Authority<\/span> on or after December 1, 2021, but before August 1, 2022, that sets forth the requirements for capital investments and the creation of new full-time jobs by such property information and analytics firm<\/span>.\n\t\t\t“Property information and analytics firm<\/span>” means an entity and its affiliated<\/span> entities that as of January 1, 2022, is primarily a commercial real estate<\/span> information and analytics firm with a location in an eligible city<\/span> and that between January 1, 2022, and January 1, 2029, is expected to (i) make or cause to be made a capital investment in an eligible city<\/span> of at least $414.45 million and (ii) create at least 1,785 new jobs with average annual wages of at least $85,000 per job. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> 1. For taxable years beginning on or after January 1, 2022, but before January 1, 2029, a property information and analytics firm<\/span> shall be subject to the provisions of subdivision B 2 of \u00a7 58.1-416<\/a> only if the Authority<\/span> certifies to the Department<\/span> that it has at least 1,000 full-time employees as of January 1, 2022, in an eligible city<\/span>, subject to the terms and conditions of the memorandum of understanding<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> For taxable years beginning on or after January 1, 2029, a property information and analytics firm<\/span> shall be subject to the provisions of subdivision B 2 of § 58.1-416<\/a> only if the Authority<\/span> certifies to the Department<\/span> that it has at least 2,785 full-time employees as of January 1, 2029, in an eligible city<\/span>, and from January 1, 2022, through December 31, 2028, has made or caused to be made a capital investment for its facilities in that eligible city<\/span> of at least $414.45 million. Once the Authority<\/span> certifies a property information and analytics firm<\/span> has met the job and capital investment requirements set forth in this subdivision, no additional certifications shall be required and the property information and analytics firm<\/span> shall continue to be subject to the provisions of subdivision B 2 of § 58.1-416<\/a> in all future taxable years. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The General Assembly finds that the growth of property information and analytics firms<\/span>, including the capital investment and new jobs spurred by such growth, is essential to the continued fiscal health of the Commonwealth. Accordingly, the provisions of subsections A and B relating to capital investment and new jobs are integral to the purpose of this section. If any provision of this section is for any reason held to be invalid or unconstitutional by the decision of a court<\/span> of competent jurisdiction<\/span>, that provision shall not be deemed severable. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROPERTY INFORMATION AND ANALYTICS FIRMS (\u00a7 58.1-422.4)\n\nA. As used in this section:\n\t\t\t“Authority” means the Virginia Economic Development Partnership\nAuthority.\n\t\t\t“Eligible city” means the City of Richmond.\n\t\t\t“Memorandum of understanding” means a performance agreement or\nrelated document entered into by a property information and analytics firm and\nthe Authority on or after December 1, 2021, but before August 1, 2022, that sets\nforth the requirements for capital investments and the creation of new full-time\njobs by such property information and analytics firm.\n\t\t\t“Property information and analytics firm” means an entity and its\naffiliated entities that as of January 1, 2022, is primarily a commercial real\nestate information and analytics firm with a location in an eligible city and\nthat between January 1, 2022, and January 1, 2029, is expected to (i) make or\ncause to be made a capital investment in an eligible city of at least $414.45\nmillion and (ii) create at least 1,785 new jobs with average annual wages of at\nleast $85,000 per job.\n\nB. 1. For taxable years beginning on or after January 1, 2022, but before\nJanuary 1, 2029, a property information and analytics firm shall be subject to\nthe provisions of subdivision B 2 of \u00a7 58.1-416 only if the Authority certifies\nto the Department that it has at least 1,000 full-time employees as of January\n1, 2022, in an eligible city, subject to the terms and conditions of the\nmemorandum of understanding.\n\n 2. For taxable years beginning on or after January 1, 2029, a property\n information and analytics firm shall be subject to the provisions of\n subdivision B 2 of § 58.1-416 only if the Authority certifies to the\n Department that it has at least 2,785 full-time employees as of January 1,\n 2029, in an eligible city, and from January 1, 2022, through December 31,\n 2028, has made or caused to be made a capital investment for its facilities in\n that eligible city of at least $414.45 million. Once the Authority certifies a\n property information and analytics firm has met the job and capital investment\n requirements set forth in this subdivision, no additional certifications shall\n be required and the property information and analytics firm shall continue to\n be subject to the provisions of subdivision B 2 of § 58.1-416 in all\n future taxable years.\n\nC. The General Assembly finds that the growth of property information and\nanalytics firms, including the capital investment and new jobs spurred by such\ngrowth, is essential to the continued fiscal health of the Commonwealth.\nAccordingly, the provisions of subsections A and B relating to capital\ninvestment and new jobs are integral to the purpose of this section. If any\nprovision of this section is for any reason held to be invalid or\nunconstitutional by the decision of a court of competent jurisdiction, that\nprovision shall not be deemed severable.\n\nHISTORY: 2022, cc. 256, 257.","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}}