Virginia Code 58.1-2664: When taxes not to be assessed or assessed only in part.
The Commission shall, in the performance of its function and duty in assessing and levying the special regulatory revenue taxes provided for by this article, omit the assessment and levy of any portion of such taxes as are unnecessary within the Commission’s sole discretion for the accomplishment of the objects for which the regulatory revenue taxes are imposed including a reasonable margin in the nature of a reserve fund. The Tax Commissioner shall annually certify to the Commission the amount needed to sufficiently compensate that department for its estimated incremental costs to be incurred in the discharge of its statutory duties to assess and collect state and local taxes against railroad corporations. The persons and corporations upon whom such taxes are imposed are relieved from liability for the payment of such regulatory revenue taxes, except when, and to the extent that, the same have been assessed and levied by the Commission, in accordance with the provisions of this article.
Terms Used In Virginia Code 58.1-2664
- Commission: means the State Corporation Commission which is hereby designated pursuant to Article X, § 2 of the Constitution of Virginia as the central state agency responsible for the assessment of the real and personal property of all public service corporations, except those public service corporations for which the Department of Taxation is so designated, upon which the Commonwealth levies a license tax measured by the gross receipts of such corporations. See Virginia Code 58.1-2600
- Department: means the Department of Taxation which is hereby designated pursuant to Article X, § 2 of the Constitution of Virginia as the central state agency to assess the real and personal property of railroads and pipeline transmission companies as defined herein. See Virginia Code 58.1-2600
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Tax Commissioner: means the chief executive officer of the Department of Taxation or his designee. See Virginia Code 58.1-2600
Code 1950, § 58-669; 1983, c. 570; 1984, c. 675.