Bill Text: VA SB836 | 2017 | Regular Session | Prefiled
Bill Title: License taxes; if locality imposes tax upon business, tax shall be based upon Va. taxable income.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2017-01-24 - Passed by indefinitely in Finance (15-Y 1-N) [SB836 Detail]
Download: Virginia-2017-SB836-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §58.1-3702 of the Code of Virginia is amended and reenacted as follows:
§58.1-3702. Authority of counties, cities, and towns.
The provisions of this chapter shall be the sole authority for
counties, cities, and
towns for the levying of the license taxes described herein. Except as provided
herein, the governing body of every county, city,
and town that levies such license tax may impose the tax on the
gross receipts or the Virginia taxable income of the
business. Virginia taxable income shall be calculated pursuant to the
provisions of §58.1-322 or 58.1-402, whichever is applicable to the business.
Throughout this chapter, except in §58.1-3731, wherever the term "gross
receipts" is used, the term "Virginia taxable income" shall be
substituted whenever a county, city or town selects it as the
base on which to levy the license tax.
