                                 CODE OF VIRGINIA

CORPORATIONS TRANSACTING OR CONDUCTING ENTIRE BUSINESS WITHIN THIS COMMONWEALTH
(§ 58.1-405)

Except as provided in § 58.1-405.1, if the entire business of the corporation
is transacted or conducted within the Commonwealth, the tax imposed by this
chapter shall be upon the entire Virginia taxable income of such corporation for
each taxable year; however, if such corporation is certified by the Virginia
Economic Development Partnership Authority as an eligible company pursuant to §
58.1-405.1, it may elect to (i) apportion its income between qualified
localities, as defined in § 58.1-405.1, and other localities in the
Commonwealth, provided that it shall not apportion any of its income to a state
other than Virginia and (ii) utilize any modification for which it may be
eligible pursuant to the provisions of § 58.1-408, 58.1-417, 58.1-418,
58.1-419, 58.1-420, 58.1-422, 58.1-422.1, or 58.1-422.2, as applicable. The
entire business of the corporation shall be deemed to have been transacted or
conducted within the Commonwealth if such corporation is not subject in any
other state to a net income tax, a franchise tax measured by net income, or a
franchise tax for the privilege of doing business.

HISTORY: Code 1950, § 58-151.033; 1971, Ex. Sess., c. 171; 1981, c. 402; 1984,
c. 675; 2018, cc. 801, 802.