Va. Code » Title 58.1. Taxation » Subtitle I. Taxes Administered by the Department of Taxation » Chapter 3. Income Tax » Article 10. Taxation of Corporations
Virginia Code

Va. Code Ann. § 58.1-407 (2026)

How dividends allocated

✓ current as of May 2026
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Dividends received to the extent included in Virginia taxable income are allocable to the state of commercial domicile of the taxpaying corporation.

Code 1950, § 58-151.037; 1971, Ex. Sess., c. 171; 1981, c. 402; 1984, c. 675.

Notes of Decisions
Cited in 4 cases (1 in the last 5 years), 1991–2024 · leading case: Com., Dept. of Taxation v. Delta Air Lines, 513 S.E.2d 130 (Va. 1999).
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Com., Dept. of Taxation v. Delta Air Lines, 513 S.E.2d 130 (Va. 1999). “Because Delta derives income from business activities that it conducts both within and without the Commonwealth, Delta is required to “allocate and apportion its Virginia taxable income as provided in §§ 58.1-407 through 58.1-420.” Code § 58.”
Corning Glass Works, Inc. v. Virginia Dep't of Taxation, 402 S.E.2d 35 (Va. 1991). · cites it 2× “See Code §§ 58.1-407 through 420. Title 58 of the Code was recodified in Title 58.”
Commonwealth of Virginia, Dep't of Taxation v. FJ Mgmt., Inc., d/b/a FJI, Inc. (Va. Ct. App. 2024). “A corporation that is subject to tax in Virginia and at least one other state must allocate and apportion its Virginia taxable income, with dividends being allocated to the corporation’s commercial domicile and all other income being apportioned using the Virginia statutory…”
Gen. Motors Corp. v. Virginia Dept. of Taxation, 62 Va. Cir. 4 (Fairfax Cir. Ct. 2003). “The Virginia taxable income of a financial corporation, as defined herein, excluding income allocable under § 58.1-407, shall be apportioned within and without this Commonwealth in the ratio that the business within this Commonwealth is to the total business of the corporation.”
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