Va. Lawmakers Rally Behind Tax Break For Exporters

Law360, New York (January 22, 2014, 4:38 PM EST) -- A bipartisan group of Virginia lawmakers on Tuesday took the first step toward approving legislation that could create a significant tax break for exporters doing business in the commonwealth.

Members of the Virginia Senate Finance Committee voted 15-0 in support of moving forward a bill that would exempt so-called domestic international sales corporations from state taxes. Since the 1980s, export businesses have utilized different types of these entities, known as DISCS, to reduce their federal tax liabilities.

The bill, sponsored by Sen. Frank W. Wagner, R-Virginia...
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