Virginia Code 58.1-4037: Tax on adjusted gross revenue.
A. There shall be imposed a tax of 15 percent on a permit holder‘s adjusted gross revenue.
Terms Used In Virginia Code 58.1-4037
- Adjusted gross revenue: means gross revenue minus:
1. See Virginia Code 58.1-4030
- Department: means the independent agency responsible for the administration of the Virginia Lottery pursuant to this article and sports betting pursuant to Article 2 (§ Virginia Code 58.1-4002
- Gross revenue: means the total of all cash, property, or any other form of remuneration, whether collected or not, received by a permittee from its sports betting operations. See Virginia Code 58.1-4030
- Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
- Permit holder: means a person to which the Director issues a permit pursuant to §§ Virginia Code 58.1-4030
B. The tax imposed pursuant to this section is due monthly to the Department, and the permit holder shall remit it on or before the twentieth day of the next succeeding calendar month. If the permit holder’s accounting necessitates corrections to a previously remitted tax, the permit holder shall document such corrections when it pays the following month’s taxes.
C. If the permit holder’s adjusted gross revenue for a month is a negative number, the permit holder may carry over the negative amount to a return filed for a subsequent month and deduct such amount from its tax liability for such month, provided that such amount shall not be carried over and deducted against tax liability in any month that is more than 12 months later than the month in which such amount was accrued.