Virginia’s FY 2020-2022 budget enacted on April 7 includes a requirement for “corporations that are members of a unitary business” to file a report declaring certain unitary combined reporting items for the 2019 tax year. Under an amendment requested by Governor Ralph Northam (D) and approved by the General Assembly, these pro forma reports are due by July 1, 2021. [H.B. 1800, § 3-5.23, Governor’s amendments adopted, 4/7/21].
Virginia corporate taxpayers should consider gathering data and analyzing their potential liability as a unitary combined group to meet the July 1 reporting deadline.