ANNOUNCEMENT 05 Mar 2014In March 2014, a US state government announced a change in export taxation.
NUMBER OF INTERVENTIONS
The Virginia General Assembly enacted legislation (S.B. 515/H.B. 280) on March 5, 2014 that will provide special state income tax treatment for exporters that form an Interest Charge-Domestic International Sales Corporation (IC-DISC). Eligible companies can recoup or exceed their tax savings on revenue from exported products (and some services) by creating an IC-DISC. For taxable years beginning on or after January 1, 2014, IC DISCs in Virginia are exempt from the Virginia corporate income tax.