Virginia HB 956

License taxes; deduction for out-of-state receipts. Provides that, for purposes of the license tax deduction for out-of-state receipts, such receipts shall be determined based upon the facts and circumstances of the taxpayer's business operation, without regard to the amount of income, receipts, or revenue ultimately computed as taxable under the methodology used by the state or country to which such receipts are attributable. The bill defines "income or other tax based upon income" as a net income tax, as defined in federal law, or, if the state or country to which such receipts are attributable does not have a net income tax as defined in federal law, a business activity tax such state or country does have, the measure of which is based in whole or in part on gross or net income or receipts.