HB958

Virginia HB958 modifies corporate income tax by adjusting federal taxable income with specific additions and subtractions, affecting net operating.

Virginia HB958 amends the calculation of corporate income tax by adjusting federal taxable income with specific additions and subtractions. It adds certain federal income exclusions and deductions, such as state obligations and wages eligible for the federal Targeted Jobs Credit. It also subtracts specific items like interest expenses and costs related to related members. The bill further adjusts for net operating losses and provides mechanisms for corporations to petition the Tax Commissioner for adjustments.