Small Business Majority Supports Unitary Combined Reporting in Virginia

Small Business Majority submitted a letter of support to the House Committee on Finance on HB 1109, corporate income tax; combined reporting requirements; disclosures. Currently, many multi-state corporations are able to take advantage of accounting measures to reduce their state tax bills by shifting their profits to a state that tax it at lower rates, giving them an unfair advantage over small businesses. HB 1109 would level the playing field for small businesses in Virginia that are unable to use loopholes to lower their tax bills.