Guidance Document Information
||Final Debt Buyer Apportionment Guidelines
||During the 2018 Session, the Virginia General Assembly enacted House Bill 798 (2018 Acts of Assembly, Chapter 807), which requires multistate debt buyers to apportion their income to Virginia using a special method of apportionment (“Debt Buyer Apportionment”). Under Debt Buyer Apportionment, debt buyers are required to use a single factor method of apportionment based on sales and market-based sourcing methods to source certain sales that consist of money recovered on debt. These final guidelines are published by the Department of Taxation (“the Department”) to
provide guidance to taxpayers by 12/31/2019 regarding the apportionment method and market-based sourcing methods that apply to debt buyers, as required by the second enactment clause
of House Bill 798.
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Posted On 12/3/2020
Document on Town Hall
|Explanation or Citations
||See House Bill 798 (2018 Acts of Assembly, Chapter 807). Effective February 6, 2020, these final guidelines supersede the Draft Debt Buyer Apportionment Guidelines (Document ID
6562). Interested parties wishing to comment should do so on the comment forum section of the Town Hall website (https://townhall.virginia.gov/l/GDocForum.cfm?GDocForumID=239) from 1/6/2020 through 2/5/2020.
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