58.1-542 - Corporations subject to the local income tax.
§ 58.1-542. Corporations subject to the local income tax.
A. For purposes of this article, a corporation shall be deemed to have incomefrom sources within a county or city if it has:
1. Items of income, gain, loss and deduction attributable to:
a. The ownership of any interest in real or tangible personal property in thecounty or city; or
b. A business, trade, profession or occupation carried on in the county orcity.
2. Income from intangible personal property, including annuities, dividends,interest, royalties and gains from the disposition of intangible personalproperty to the extent that such income is from property employed by thetaxpayer in a business, trade, profession or occupation carried on in thecounty or city.
B. If the entire business of the corporation within the Commonwealth istransacted or conducted within the county or city imposing a local incometax, the tax shall be upon the entire Virginia taxable income of suchcorporation within the Commonwealth for each taxable year. The entirebusiness of the corporation shall be deemed to have been transacted orconducted within the county or city if such corporation has no income fromsources within any other county or city of the Commonwealth.
(1989, c. 245.)