{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-442.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-442.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-442.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-442.html"}],"law_id":69106,"edition_id":1,"section_id":69106,"structure_id":13546,"section_number":"58.1-442","catch_line":"Separate, combined, or consolidated returns of affiliated corporations","history":"Code 1950, \u00a7 58-151.079; 1971, Ex. Sess., c. 171; 1981, c. 402; 1984, c. 675; 1990, c. 619; 2003, c. 166; 2022, cc. 274, 416, 417; 2023, cc. 520, 521.","full_text":"A\n\nCorporations that are affiliated within the meaning of § 58.1-302 may, for any taxable year, file separate returns, file a combined return, or file a consolidated return of net income for the purpose of this chapter, and the taxes thereunder shall be computed and determined upon the basis of the type of return filed. Following an election to file on a separate, consolidated, or combined basis all returns thereafter filed shall be upon the same basis unless permission to change is granted by the Department.B\n\nFor the purpose of subsection A:1\n\nA consolidated return shall mean a single return for a group of corporations affiliated within the meaning of § 58.1-302, prepared in accordance with the principles of § 1502 of the Internal Revenue Code and regulations promulgated thereunder. Permission to file a consolidated return shall not be denied to a group of affiliated corporations filing a consolidated federal return solely because two or more members of such affiliated group would be required to use different apportionment factors if separate returns were filed. The Tax Commissioner shall promulgate regulations setting forth the manner in which such an affiliated group shall compute its Virginia taxable income.2\n\nA combined return shall mean a single return for a group of corporations affiliated within the meaning of § 58.1-302, in which income or loss is separately determined in accordance with subdivisions a through d:\n\t\t\t\ta. Virginia taxable income or loss is computed separately for each corporation;\n\t\t\t\tb. Allocable income is allocated to the state of commercial domicile separately for each corporation;\n\t\t\t\tc. Apportionable income or loss is computed, utilizing separate apportionment factors for each corporation;\n\t\t\t\td. Income or loss computed in accordance with subdivisions a, b, and c is combined and reported on a single return for the affiliated group.C\n\nNotwithstanding subsection A, a group of corporations may apply to the Tax Commissioner for permission to change the basis of the type of return filed (i) from consolidated to separate or (ii) from separate or combined to consolidated, if such corporations are affiliated within the meaning of § 58.1-302 and the affiliated group of which they are members, as it has existed from time to time, has filed on the same basis for at least the preceding 12 years. Permission shall be granted if the affiliated group agrees to file returns computing its Virginia income tax liability under both the new filing method and the former method and will pay the greater of the two amounts for the taxable year in which the new election is effective and for the immediately succeeding taxable year.D\n\nNotwithstanding subsections A and C, for taxable years beginning on and after January 1, 2023, but before January 1, 2025, a group of corporations may elect to change the basis of the type of return filed from combined to consolidated, if (i) such corporations are affiliated within the meaning of § 58.1-302; (ii) the affiliated group of which they are members, as it has existed from time to time, has filed on the same basis for at least the preceding 20 years; and (iii) on or before January 1, 2022, at least one member of the affiliated group of which they are members is a related entity within the meaning of § 58.1-302 to a state or national bank that is exempt from filing a Virginia corporate income tax return under subdivision 3 of § 58.1-401.\n\t\t\tAny eligible affiliated group that elects to change the basis of the type of return pursuant to this subsection shall be required to agree to file returns computing its Virginia income tax liability under both the new filing method and the former method and shall pay the greater of the two amounts for the taxable year in which the new election is effective and for the immediately succeeding taxable year. A taxpayer shall provide notification to the Department of Taxation that an election pursuant to this subsection is being made. Such notification shall be submitted on forms as prescribed by the Department of Taxation.E\n\nIf any provision of subsection D is for any reason held to be invalid or unconstitutional by the decision of a court of competent jurisdiction, then that provision shall not be deemed severable, and all provisions of subsection D shall expire and be unavailable for any affiliated group that has not made the election as of the date of such decision.","order_by":null,"text":{"0":{"id":250090,"text":"Corporations that are affiliated within the meaning of § 58.1-302 may, for any taxable year, file separate returns, file a combined return, or file a consolidated return of net income for the purpose of this chapter, and the taxes thereunder shall be computed and determined upon the basis of the type of return filed. Following an election to file on a separate, consolidated, or combined basis all returns thereafter filed shall be upon the same basis unless permission to change is granted by the Department.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":250091,"text":"For the purpose of subsection A:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":250092,"text":"A consolidated return shall mean a single return for a group of corporations affiliated within the meaning of § 58.1-302, prepared in accordance with the principles of § 1502 of the Internal Revenue Code and regulations promulgated thereunder. Permission to file a consolidated return shall not be denied to a group of affiliated corporations filing a consolidated federal return solely because two or more members of such affiliated group would be required to use different apportionment factors if separate returns were filed. The Tax Commissioner shall promulgate regulations setting forth the manner in which such an affiliated group shall compute its Virginia taxable income.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":250093,"text":"A combined return shall mean a single return for a group of corporations affiliated within the meaning of § 58.1-302, in which income or loss is separately determined in accordance with subdivisions a through d:\n\t\t\t\ta. Virginia taxable income or loss is computed separately for each corporation;\n\t\t\t\tb. Allocable income is allocated to the state of commercial domicile separately for each corporation;\n\t\t\t\tc. Apportionable income or loss is computed, utilizing separate apportionment factors for each corporation;\n\t\t\t\td. Income or loss computed in accordance with subdivisions a, b, and c is combined and reported on a single return for the affiliated group.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":250094,"text":"Notwithstanding subsection A, a group of corporations may apply to the Tax Commissioner for permission to change the basis of the type of return filed (i) from consolidated to separate or (ii) from separate or combined to consolidated, if such corporations are affiliated within the meaning of § 58.1-302 and the affiliated group of which they are members, as it has existed from time to time, has filed on the same basis for at least the preceding 12 years. Permission shall be granted if the affiliated group agrees to file returns computing its Virginia income tax liability under both the new filing method and the former method and will pay the greater of the two amounts for the taxable year in which the new election is effective and for the immediately succeeding taxable year.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"D"},"5":{"id":250095,"text":"Notwithstanding subsections A and C, for taxable years beginning on and after January 1, 2023, but before January 1, 2025, a group of corporations may elect to change the basis of the type of return filed from combined to consolidated, if (i) such corporations are affiliated within the meaning of § 58.1-302; (ii) the affiliated group of which they are members, as it has existed from time to time, has filed on the same basis for at least the preceding 20 years; and (iii) on or before January 1, 2022, at least one member of the affiliated group of which they are members is a related entity within the meaning of § 58.1-302 to a state or national bank that is exempt from filing a Virginia corporate income tax return under subdivision 3 of § 58.1-401.\n\t\t\tAny eligible affiliated group that elects to change the basis of the type of return pursuant to this subsection shall be required to agree to file returns computing its Virginia income tax liability under both the new filing method and the former method and shall pay the greater of the two amounts for the taxable year in which the new election is effective and for the immediately succeeding taxable year. A taxpayer shall provide notification to the Department of Taxation that an election pursuant to this subsection is being made. Such notification shall be submitted on forms as prescribed by the Department of Taxation.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":250096,"text":"If any provision of subsection D is for any reason held to be invalid or unconstitutional by the decision of a court of competent jurisdiction, then that provision shall not be deemed severable, and all provisions of subsection D shall expire and be unavailable for any affiliated group that has not made the election as of the date of such decision.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13546,"edition_id":1,"name":"Accounting, Returns, Procedures for Corporations","identifier":"14","label":"article","depth":4,"order_by":1,"parent_id":13152,"metadata":{},"date_created":"2026-06-26 03:45:11","date_modified":"2026-06-26 03:45:11","permalink":{"id":253719,"object_type":"structure","relational_id":13546,"identifier":"14","token":"58.1\/I\/3\/14","url":"\/58.1\/I\/3\/14\/","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":60123,"structure_id":13546,"section_number":"58.1-440","catch_line":"Accounting","url":"\/58.1-440\/","token":"58.1\/I\/3\/14\/58.1-440","metadata":false},{"id":54651,"structure_id":13546,"section_number":"58.1-440.1","catch_line":"Accounting-deferred taxes","url":"\/58.1-440.1\/","token":"58.1\/I\/3\/14\/58.1-440.1","metadata":false},{"id":72207,"structure_id":13546,"section_number":"58.1-441","catch_line":"Reports by corporations","url":"\/58.1-441\/","token":"58.1\/I\/3\/14\/58.1-441","metadata":false},{"id":69106,"structure_id":13546,"section_number":"58.1-442","catch_line":"Separate, combined, or consolidated returns of affiliated corporations","url":"\/58.1-442\/","token":"58.1\/I\/3\/14\/58.1-442","metadata":false},{"id":85145,"structure_id":13546,"section_number":"58.1-443","catch_line":"Prohibition of worldwide consolidation or combination","url":"\/58.1-443\/","token":"58.1\/I\/3\/14\/58.1-443","metadata":false},{"id":54510,"structure_id":13546,"section_number":"58.1-444","catch_line":"Several liability of affiliated corporations","url":"\/58.1-444\/","token":"58.1\/I\/3\/14\/58.1-444","metadata":false},{"id":63978,"structure_id":13546,"section_number":"58.1-445","catch_line":"Consolidation of accounts","url":"\/58.1-445\/","token":"58.1\/I\/3\/14\/58.1-445","metadata":false},{"id":65477,"structure_id":13546,"section_number":"58.1-445.1","catch_line":"Repealed","url":"\/58.1-445.1\/","token":"58.1\/I\/3\/14\/58.1-445.1","metadata":false},{"id":73547,"structure_id":13546,"section_number":"58.1-446","catch_line":"Price manipulation; intercorporate transactions; parent corporations and subsidiaries","url":"\/58.1-446\/","token":"58.1\/I\/3\/14\/58.1-446","metadata":false},{"id":59908,"structure_id":13546,"section_number":"58.1-447","catch_line":"Execution of returns of corporations","url":"\/58.1-447\/","token":"58.1\/I\/3\/14\/58.1-447","metadata":false},{"id":70673,"structure_id":13546,"section_number":"58.1-448","catch_line":"Forms to be furnished","url":"\/58.1-448\/","token":"58.1\/I\/3\/14\/58.1-448","metadata":false},{"id":55649,"structure_id":13546,"section_number":"58.1-449","catch_line":"Supplemental reports","url":"\/58.1-449\/","token":"58.1\/I\/3\/14\/58.1-449","metadata":false},{"id":54972,"structure_id":13546,"section_number":"58.1-450","catch_line":"Failure of corporation to make report or return","url":"\/58.1-450\/","token":"58.1\/I\/3\/14\/58.1-450","metadata":false},{"id":56719,"structure_id":13546,"section_number":"58.1-451","catch_line":"Fraudulent returns, etc., of corporations; penalty","url":"\/58.1-451\/","token":"58.1\/I\/3\/14\/58.1-451","metadata":false},{"id":81878,"structure_id":13546,"section_number":"58.1-452","catch_line":"Fraudulent returns; criminal liability; penalty","url":"\/58.1-452\/","token":"58.1\/I\/3\/14\/58.1-452","metadata":false},{"id":57652,"structure_id":13546,"section_number":"58.1-453","catch_line":"Extension of time for filing returns by corporations","url":"\/58.1-453\/","token":"58.1\/I\/3\/14\/58.1-453","metadata":false},{"id":59422,"structure_id":13546,"section_number":"58.1-454","catch_line":"Department may estimate corporation's tax when no return filed","url":"\/58.1-454\/","token":"58.1\/I\/3\/14\/58.1-454","metadata":false},{"id":83702,"structure_id":13546,"section_number":"58.1-455","catch_line":"Time of payment of corporation income taxes; penalty and interest for nonpayment","url":"\/58.1-455\/","token":"58.1\/I\/3\/14\/58.1-455","metadata":false}],"previous_section":{"id":72207,"structure_id":13546,"section_number":"58.1-441","catch_line":"Reports by corporations","url":"\/58.1-441\/","token":"58.1\/I\/3\/14\/58.1-441","metadata":false},"next_section":{"id":85145,"structure_id":13546,"section_number":"58.1-443","catch_line":"Prohibition of worldwide consolidation or combination","url":"\/58.1-443\/","token":"58.1\/I\/3\/14\/58.1-443","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-442\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. 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. Those modifications are as follows: in 1981, chapter 402; in 1984, chapter 675; in 1990, chapter 619; in 2003, chapter 166<\/a>; in 2022, chapters 274<\/a>, 416<\/a>, and 417<\/a>; in 2023, chapters 520<\/a> and 521<\/a>.<\/p>","references":[{"id":59617,"section_number":"58.1-311.2","catch_line":"Final determination date","order_by":null,"url":"\/58.1-311.2\/"},{"id":54510,"section_number":"58.1-444","catch_line":"Several liability of affiliated corporations","order_by":null,"url":"\/58.1-444\/"}],"refers_to":[{"id":82538,"section_number":"58.1-302","catch_line":"Definitions","order_by":null,"url":"\/58.1-302\/"},{"id":75981,"section_number":"58.1-401","catch_line":"Exemptions and exclusions","order_by":null,"url":"\/58.1-401\/"}],"permalink":{"id":253733,"object_type":"law","relational_id":69106,"identifier":"58.1-442","token":"58.1\/I\/3\/14\/58.1-442","url":"\/58.1-442\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-442\/","token":"58.1\/I\/3\/14\/58.1-442","dublin_core":{"Title":"Separate, combined, or consolidated returns of affiliated corporations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-442","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Corporations<\/span> that are affiliated<\/span> within the meaning of § 58.1-302<\/a> may, for any taxable year, file separate returns, file a combined return, or file a consolidated return of net income for the purpose of this chapter, and the taxes thereunder shall be computed and determined upon the basis of the type of return filed. Following an election to file on a separate, consolidated, or combined basis all returns thereafter filed shall be upon the same basis unless permission to change is granted by the Department<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For the purpose of subsection A: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A consolidated return shall mean a single return for a group of corporations<\/span> affiliated<\/span> within the meaning of § 58.1-302<\/a>, prepared in accordance with the principles of § 1502 of the Internal Revenue Code and regulations promulgated thereunder. Permission to file a consolidated return shall not be denied to a group of affiliated<\/span> corporations<\/span> filing a consolidated federal return solely because two or more members of such affiliated<\/span> group would be required to use different apportionment factors if separate returns were filed. The Tax Commissioner<\/span> shall promulgate regulations setting forth the manner in which such an affiliated<\/span> group shall compute its Virginia taxable income. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A combined return shall mean a single return for a group of corporations<\/span> affiliated<\/span> within the meaning of § 58.1-302<\/a>, in which income or loss is separately determined in accordance with subdivisions a through d:\n\t\t\t\ta. Virginia taxable income or loss is computed separately for each corporation<\/span>;\n\t\t\t\tb. Allocable income is allocated to the state of commercial domicile<\/span> separately for each corporation<\/span>;\n\t\t\t\tc. Apportionable income or loss is computed, utilizing separate apportionment factors for each corporation<\/span>;\n\t\t\t\td. Income or loss computed in accordance with subdivisions a, b, and c is combined and reported on a single return for the affiliated<\/span> group. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding subsection A, a group of corporations<\/span> may apply to the Tax Commissioner<\/span> for permission to change the basis of the type of return filed (i) from consolidated to separate or (ii) from separate or combined to consolidated, if such corporations<\/span> are affiliated<\/span> within the meaning of § 58.1-302<\/a> and the affiliated<\/span> group of which they are members, as it has existed from time to time, has filed on the same basis for at least the preceding 12 years. Permission shall be granted if the affiliated<\/span> group agrees to file returns computing its Virginia income tax liability under both the new filing method and the former method and will pay the greater of the two amounts for the taxable year in which the new election is effective and for the immediately succeeding taxable year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Notwithstanding subsections A and C, for taxable years beginning on and after January 1, 2023, but before January 1, 2025, a group of corporations<\/span> may elect to change the basis of the type of return filed from combined to consolidated, if (i) such corporations<\/span> are affiliated<\/span> within the meaning of § 58.1-302<\/a>; (ii) the affiliated<\/span> group of which they are members, as it has existed from time to time, has filed on the same basis for at least the preceding 20 years; and (iii) on or before January 1, 2022, at least one member of the affiliated<\/span> group of which they are members is a related entity within the meaning of § 58.1-302<\/a> to a state or national bank that is exempt from filing a Virginia corporate income tax return under subdivision 3 of § 58.1-401<\/a>.\n\t\t\tAny eligible affiliated<\/span> group that elects to change the basis of the type of return pursuant to this subsection shall be required to agree to file returns computing its Virginia income tax liability under both the new filing method and the former method and shall pay the greater of the two amounts for the taxable year in which the new election is effective and for the immediately succeeding taxable year. A taxpayer<\/span> shall provide notification to the Department<\/span> of Taxation that an election pursuant to this subsection is being made. Such notification shall be submitted on forms as prescribed by the Department<\/span> of Taxation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If any provision of subsection D is for any reason held to be invalid or unconstitutional by the decision of a court<\/span> of competent jurisdiction<\/span>, then that provision shall not be deemed severable, and all provisions of subsection D shall expire and be unavailable for any affiliated<\/span> group that has not made the election as of the date of such decision. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSEPARATE, COMBINED, OR CONSOLIDATED RETURNS OF AFFILIATED CORPORATIONS (\u00a7\n58.1-442)\n\nA. Corporations that are affiliated within the meaning of § 58.1-302 may,\nfor any taxable year, file separate returns, file a combined return, or file a\nconsolidated return of net income for the purpose of this chapter, and the taxes\nthereunder shall be computed and determined upon the basis of the type of return\nfiled. Following an election to file on a separate, consolidated, or combined\nbasis all returns thereafter filed shall be upon the same basis unless\npermission to change is granted by the Department.\n\nB. For the purpose of subsection A:\n\n 1. A consolidated return shall mean a single return for a group of\n corporations affiliated within the meaning of § 58.1-302, prepared in\n accordance with the principles of § 1502 of the Internal Revenue Code and\n regulations promulgated thereunder. Permission to file a consolidated return\n shall not be denied to a group of affiliated corporations filing a\n consolidated federal return solely because two or more members of such\n affiliated group would be required to use different apportionment factors if\n separate returns were filed. The Tax Commissioner shall promulgate regulations\n setting forth the manner in which such an affiliated group shall compute its\n Virginia taxable income.\n\n 2. A combined return shall mean a single return for a group of corporations\n affiliated within the meaning of § 58.1-302, in which income or loss is\n separately determined in accordance with subdivisions a through d:\n \t\t\t\ta. Virginia taxable income or loss is computed separately for each\n corporation;\n \t\t\t\tb. Allocable income is allocated to the state of commercial domicile\n separately for each corporation;\n \t\t\t\tc. Apportionable income or loss is computed, utilizing separate\n apportionment factors for each corporation;\n \t\t\t\td. Income or loss computed in accordance with subdivisions a, b, and c is\n combined and reported on a single return for the affiliated group.\n\nC. Notwithstanding subsection A, a group of corporations may apply to the Tax\nCommissioner for permission to change the basis of the type of return filed (i)\nfrom consolidated to separate or (ii) from separate or combined to consolidated,\nif such corporations are affiliated within the meaning of § 58.1-302 and\nthe affiliated group of which they are members, as it has existed from time to\ntime, has filed on the same basis for at least the preceding 12 years.\nPermission shall be granted if the affiliated group agrees to file returns\ncomputing its Virginia income tax liability under both the new filing method and\nthe former method and will pay the greater of the two amounts for the taxable\nyear in which the new election is effective and for the immediately succeeding\ntaxable year.\n\nD. Notwithstanding subsections A and C, for taxable years beginning on and after\nJanuary 1, 2023, but before January 1, 2025, a group of corporations may elect\nto change the basis of the type of return filed from combined to consolidated,\nif (i) such corporations are affiliated within the meaning of § 58.1-302;\n(ii) the affiliated group of which they are members, as it has existed from time\nto time, has filed on the same basis for at least the preceding 20 years; and\n(iii) on or before January 1, 2022, at least one member of the affiliated group\nof which they are members is a related entity within the meaning of §\n58.1-302 to a state or national bank that is exempt from filing a Virginia\ncorporate income tax return under subdivision 3 of § 58.1-401.\n\t\t\tAny eligible affiliated group that elects to change the basis of the type of\nreturn pursuant to this subsection shall be required to agree to file returns\ncomputing its Virginia income tax liability under both the new filing method and\nthe former method and shall pay the greater of the two amounts for the taxable\nyear in which the new election is effective and for the immediately succeeding\ntaxable year. A taxpayer shall provide notification to the Department of\nTaxation that an election pursuant to this subsection is being made. Such\nnotification shall be submitted on forms as prescribed by the Department of\nTaxation.\n\nE. If any provision of subsection D is for any reason held to be invalid or\nunconstitutional by the decision of a court of competent jurisdiction, then that\nprovision shall not be deemed severable, and all provisions of subsection D\nshall expire and be unavailable for any affiliated group that has not made the\nelection as of the date of such decision.\n\nHISTORY: Code 1950, \u00a7 58-151.079; 1971, Ex. Sess., c. 171; 1981, c. 402; 1984,\nc. 675; 1990, c. 619; 2003, c. 166; 2022, cc. 274, 416, 417; 2023, cc. 520, 521.","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}}