During the 2018 Session, the Virginia General Assembly enacted House Bill 222 (2018 Acts of Assembly, Chapter 802) and Senate Bill 883 (2018 Acts of Assembly, Chapter 801), which allow certain companies that have been certified by the Virginia Economic Development Partnership Authority (“certified companies”) to decrease the amount of income taxed by Virginia by making specific modifications to their apportionment of income (“certified company apportionment”).
The legislation requires Virginia Tax to promulgate guidelines regarding making modifications to the apportionment of income under certified company apportionment. These guidelines will set forth the methodology for making such modifications and provide general guidance regarding certified company apportionment.