dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1108. Time for filing returns; payment of tax.
All returns of intangible personal property shall be made by the taxpayer on or before May 1 in each year, and the full amount of the tax payable as shown on the face of the return shall be so paid.

Code 1950, §§ 58-424, 58-428, 58-441; 1960, c. 508; 1977, c. 396; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1109. Extension of time for filing returns.
The Tax Commissioner may grant a reasonable extension of time for filing intangible returns whenever in his judgment good cause exists. Except in the case of a taxpayer who is abroad, no such extension shall be granted for more than six months. Whenever the time for filing a return is extended, interest at a rate determined in accordance with § 58.1-15, from the time the return was originally required to be filed to the time of payment, shall be charged and collected. If any taxpayer who has been granted an extension of time for filing his return fails to file his return within the extended time and to pay the full amount of the tax as shown on the face of the return at the time of filing, and the accrued interest, his case shall be treated the same as if no extension had been granted.

Code 1950, § 58-425; 1960, c. 508; 1977, c. 396; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1110. Where to file return; duty of the commissioner of revenue; audit and assessment.
A. Every person subject to taxation pursuant to this chapter shall file his return with the commissioner of the revenue for the county or city in which he maintains his domicile, if he is domiciled in this Commonwealth. If he is not domiciled in this Commonwealth, he shall file the return with the commissioner of the revenue for the county or city in which his business, or the major part thereof, is conducted. An unincorporated company subject to such taxation shall file a return with the commissioner of the revenue for the county or city in which its business, or the major part thereof, is conducted. A corporation owning taxable intangible personal property shall file a return with the commissioner of the revenue for the county or city in which the registered office of the corporation is located. It shall be the duty of each commissioner of the revenue to obtain a return of intangible personal property from every such taxpayer within his jurisdiction who is liable to file a return with him.

B. Each commissioner of the revenue shall audit returns of taxpayers as soon as practicable after they are made to him and shall assess the amount of taxes, or the amount of additional taxes, as the case may be, which appears to be due. The auditing of such returns shall not be done in any manner or at a time that will result in a delay on the part of the commissioner of the revenue in complying with §§ 58.1-1116 and 58.1-1117.

Code 1950, §§ 58-427, 58-429, 58-430, 58-431; 1956, c. 439; 1960, c. 508; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1111. Application to fiduciaries generally.
Fiduciaries shall be subject to all the provisions of this chapter which apply to other taxpayers, except as otherwise specifically provided herein. Any fiduciary for a taxpayer shall file a return of intangible personal property in the county or city wherein the taxpayer would have been required to file.

Code 1950, §§ 58-432, 58-433, 58-437; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1112. Forwarding to and audit of returns by Department.
As soon as the returns of intangible personal property have been received by the commissioner of the revenue and entered upon the assessment sheets or forms, the commissioner of the revenue shall forward such returns to the Department of Taxation. The Department may, however, authorize the commissioner of the revenue to retain such returns for such length of time as may be necessary to enable him to properly review the returns.

Code 1950, § 58-434; 1960, c. 508; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1113. Penalty for failure to file returns of intangible personal property in time; delinquents; assessments on estimates.
The commissioner of the revenue shall assess a penalty equal to ten percent of the amount of taxes assessable thereon upon any return filed with the commissioner of the revenue after the time prescribed for the filing of returns. In no case shall such penalty be less than ten dollars, and such penalty when so assessed shall become a part of the tax and shall be collected in the same manner as is provided by law for the collection of other taxes.

At any time after the time required by law for filing such returns the commissioner of the revenue shall secure a return from every delinquent taxpayer within his jurisdiction or, if any such taxpayer refuses to make a return or fails to make such return for fifteen days after the commissioner of the revenue calls upon him to do so, the commissioner of the revenue shall from the best information he can obtain make an estimate of the intangible personal property of such taxpayer.

The commissioner of the revenue shall have authority to assess taxes, penalties and interest upon such estimate and such taxes, penalties and interest shall be collected in like manner as is provided by law for the collection of other state taxes.

Code 1950, § 58-438; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1114. Assessment and payment of deficiency; penalties; application for correction.
If the amount of tax computed by the Department is greater than the amount theretofore assessed, the excess shall be assessed by the Tax Commissioner and notice of the same shall be mailed to the taxpayer. The taxpayer shall remit such additional tax to the Department within thirty days from the date of such notice. In such case, if the return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer, there shall be no penalty on the additional tax because of such understatement, but interest shall be added to the amount of the deficiency at a rate determined in accordance with § 58.1-15, from the time the return was required by law to be filed until paid. If the understatement is false or fraudulent with intent to evade the tax a penalty of 100 percent shall be added together with interest on the tax at a rate determined in accordance with § 58.1-15, from the time the return was required by law to be filed until paid. Nothing contained in this section shall prevent the taxpayer from applying for a correction of any assessment as provided in Chapter 18, Article 2 (§ 58.1-1820 et seq.) of this title.

The taxes imposed by this chapter shall be assessed within three years from the date on which such taxes became due and payable, except that in the case of a false or fraudulent return with intent to evade payment of such taxes, or a failure to file a return, the taxes may be assessed at any time within six years from such date.

Code 1950, § 58-435; 1960, c. 508; 1976, c. 422; 1977, c. 396; 1980, c. 633; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1115. Refund of overpayment.
If the amount of tax as computed is less than the amount theretofore paid, the excess shall be refunded out of the state treasury on the order of the Tax Commissioner upon the Comptroller.

Code 1950, § 58-436; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1116. Failure to pay tax when due; civil penalties.
If any tax or part thereof is not paid in full when due, there shall be added to the amount unpaid a penalty of five percent of the amount thereof. The entire tax or any unpaid balance thereof, together with penalty, shall immediately become collectible. Interest upon such unpaid balance and the penalty provided by this section shall be added at a rate determined in accordance with § 58.1-15, from one month after the tax was originally due until paid. In the case of an additional tax assessed by the commissioner of the revenue, if the return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer, there shall be no penalty on the additional tax because of such understatement, but interest shall be added to the amount of the deficiency at a rate determined in accordance with § 58.1-15, from the time the said return was required by law to be filed until paid.

Code 1950, § 58-441; 1960, c. 508; 1977, c. 396; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1117. How intangible personal property tax collectible.
Each county and city treasurer shall proceed promptly to collect all intangible personal property taxes for the tax year that have been assessed by the commissioner of the revenue and remain unpaid after the time fixed by law for payment and shall continue his efforts so to collect until the close of the then current calendar year. The collection of such taxes shall be enforced by legal process to the extent collection cannot be accomplished otherwise, and all remedies available to the county or city treasurer for the collection of other taxes shall apply to the collection of intangible personal property taxes.

Within thirty-one days after the close of each calendar year, the treasurer shall transmit to the Department in the form it may prescribe, such information as the Department may require with respect to all assessments that the commissioner of the revenue made during such calendar year and that the treasurer was unable to collect. The Department, upon receiving and examining the same, shall certify to the Comptroller the necessary information to enable the Comptroller to give such treasurer proper credit on the Comptroller's books for all unpaid items, and such treasurer shall not receive any of such taxes after he has transmitted such information to the Department, but the same shall be paid directly into the state treasury. Section 58.1-1800 shall not apply with respect to the intangible property taxes covered by this paragraph.

The Department shall have power to issue a memorandum of lien under § 58.1-1805 for the collection of such taxes in the same manner and with the same effect as in the case of a memorandum of lien issued for the collection of taxes assessed by such Department; and all provisions of law applicable to such memorandum of lien shall be applicable to each memorandum of lien issued for the collection of taxes under this section. The Department shall also have power to collect the taxes as aforesaid by other legal process.

Code 1950, § 58-441; 1960, c. 508; 1977, c. 396; 1984, c. 675; 1985, c. 221.
Code of Virginia — Title 58.1 (Taxation), Chapter 11 (INTANGIBLE PERSONAL PROPERTY TAX)
§ 58.1-1118. Intangible personal property assessment sheets or forms.
The Department shall prescribe and furnish assessment sheets or forms for the use of every commissioner of the revenue in making assessments of intangible personal property. These assessment sheets or forms shall be made out in as many copies as may be prescribed by the Department. The original and, if the Department so prescribes, one copy of each such sheet or form shall be delivered to the treasurer of the county or city; one copy shall be sent the Department, and one copy shall be retained by the commissioner of the revenue. The commissioner of the revenue shall make out an assessment sheet or form daily as and when returns are received, or in the case of additional assessments, as and when made, and shall continue so to make out such sheets or forms daily until all returns so received by him have been assessed. The commissioner of the revenue shall each day deliver the original and, if the Department so prescribes, one copy of each such sheet or form so made out that day to the treasurer of the county or city. Within ten days after the close of each month the commissioner of the revenue shall transmit to the Department its copy of the assessment sheets or forms showing assessments made throughout such month. Intangible personal property shall not be entered on the personal property book.

Code 1950, § 58-440; 1960, c. 508; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1200. Title.
This chapter shall be known and may be cited as the "Virginia Bank Franchise Tax Act."

1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1201. Definitions.
As used in this chapter, unless the context clearly shows otherwise, the term or phrase:

"Bank" means any incorporated bank, banking association, savings bank that is a member of the Federal Reserve System, or trust company organized by or under the authority of the laws of the Commonwealth and any bank or banking association organized by or under the authority of the laws of the United States, doing business or having an office in the Commonwealth or having a charter which designates any place within the Commonwealth as the place of its principal office, and any bank which establishes and maintains a branch in this Commonwealth under Article 6 (§ 6.2-836 et seq.) of Title 6.2 or Article 7 (§ 6.2-849 et seq.) of Title 6.2, whether such bank or banking association is authorized to transact business as a trust company or not, and any joint stock land bank or any other bank organized by or under the authority of the laws of the United States upon which the Commonwealth is authorized to impose a tax. The term shall exclude all corporations organized under the laws of other states and doing business in the Commonwealth, corporations organized not as banks under the laws of the Commonwealth and all natural persons and partnerships.

"Bank holding company" means any corporation that is organized under the laws of Virginia, is doing business in the Commonwealth, and is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956.

Code 1950, §§ 58-485.01, 58-485.02; 1980, c. 578; 1984, c. 675; 1995, c. 301; 2002, c. 29.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1202. Bank capital assessable.
Every bank or trust company shall pay an annual franchise tax measured by its net capital as defined in § 58.1-1205. Such tax shall be in lieu of all other taxes whatsoever for state, county or local purposes except the real estate and tangible personal property taxes enumerated in § 58.1-1203, retail sales and use taxes under Chapter 6 (§ 58.1-600 et seq.) of this title, recordation taxes under § 58.1-800 et seq., motor vehicle sales and use taxes under Chapter 24 (§ 58.1-2400 et seq.) of this title, watercraft sales and use taxes under Chapter 14 (§ 58.1-1400 et seq.) of this title, aircraft sales and use taxes under Chapter 15 (§ 58.1-1500 et seq.) of this title, taxes properly assessable upon users of utility services, and local license taxes in connection with the sale of tangible personal property sold by banks in connection with promotions or otherwise.

Code 1950, § 58-485.04; 1980, c. 578; 1981, c. 432; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1203. Real and leased tangible personal property of banks to be assessed as other real and personal property.
A. The real estate of all banks shall be assessed on the land books with the same taxes with which other real estate is assessed.

B. The tangible personal property of all banks which is leased for a consideration to customers or other lessees shall be assessed on the personal property books with the same taxes with which other tangible personal property held for lease is assessed.

Code 1950, § 58-485.05; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1204. Rate of tax.
The franchise tax imposed under this chapter shall be at the rate of $1 on each $100 of net capital as hereinafter defined. The total tax liability per taxpayer under this chapter shall not exceed $18 million annually. If at least five banks pay such maximum amount of franchise tax for three consecutive calendar years, beginning in 2017, as determined by the Department of Taxation, then such maximum amount shall increase to $20 million beginning in the calendar year immediately following the third consecutive year. After two years at $20 million, such maximum amount shall increase by three percent annually. There shall be no deduction in respect to shares owned by exempt institutions.

The Department of Taxation shall notify all bank and trust companies in the Commonwealth of the increase in the maximum annual tax liability no later than August 15 of the year immediately prior to the year of such increase.

Code 1950, § 58-485.06; 1980, c. 578; 1981, c. 432; 1984, c. 675; 2016, cc. 325, 755.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1204.1. Proration for new banks.
Notwithstanding § 58.1-1204, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under § 58.1-1207 shall be entitled to a prorated tax rate as follows:

1. Transacting business as of March 31 of the preceding year, no proration shall be available and the tax rate shall be $1 on each $100 of net capital.

2. Transacting business as of June 30 of the preceding year but not before April 1, the tax rate shall be 75 cent(s) on each $100 of net capital.

3. Transacting business as of September 30 of the preceding year but not before July 1, the tax rate shall be 50 cent(s) on each $100 of net capital.

4. Transacting business as of December 31 of the preceding year but not before October 1, the tax rate shall be 25 cent(s) on each $100 of net capital.

For purposes of this section, "transacting business" shall mean accepting deposits from customers in the regular course of doing business. A bank shall be eligible for the prorated tax rate provided for hereunder with respect to the first return it is required to file after accepting deposits; provided, that a bank shall not be eligible for the prorated tax rate if it was organized or created as part of a reorganization within the meaning of § 368(a) of the Internal Revenue Code.

1989, c. 64.
Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1205. Computation of net capital.
The net capital of any bank shall be ascertained by adding together its capital, surplus, undivided profits, and one half of any reserve for loan losses net of applicable deferred tax to obtain gross capital and deducting therefrom (i) the assessed value of real estate as provided in § 58.1-1206, (ii) the book value of tangible personal property under § 58.1-1206, (iii) the pro rata share of government obligations as set forth in § 58.1-1206, (iv) the capital accounts of any bank subsidiaries under § 58.1-1206, (v) the amount of any reserve for marketable securities valuation which is included in capital, surplus and undivided profits as defined hereinabove to the extent that such reserve reflects the difference between the book value and the market value of such marketable securities on December 31 next preceding the date for filing the bank's return under § 58.1-1207, and (vi) the value of goodwill described under subdivision A 5 of § 58.1-1206.

Code 1950, § 58-485.07; 1980, c. 578; 1984, c. 675; 1999, c. 84; 2002, c. 667.
Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1207. Filing of return and payment of tax.
Each bank as defined in § 58.1-1201 as of January 1 of each year shall prepare and file with the commissioner of the revenue or comparable assessing officer of the county, city or town where the principal office of the bank is located on or before March 1, a return in duplicate which shall set forth the tax on net capital as computed under this chapter. The return shall be in a form prescribed by the Department of Taxation. The commissioner of the revenue or comparable assessing officer shall certify a copy of the bank's return and schedules and shall forthwith transmit such certified copy to the Department of Taxation. Additionally, a copy of the real estate deduction schedules and the apportionment under § 58.1-1211 shall be filed with the appropriate assessing officer of each political subdivision imposing a tax on the filing bank. Such return shall set forth the tax on net capital owing to each such political subdivision as computed under this chapter and shall include the listing of the real estate, as assessed for the prior year, as well as a description of the total of the obligations of the United States and the average percentage thereof on the four dates prescribed in subdivision 3 of § 58.1-1206. Every bank, on or before June 1 of each year, shall pay into the state treasury the state taxes assessed under this chapter and into the treasurer's office or other official of the local political subdivisions all taxes assessed by such political subdivision.

Code 1950, § 58-485.013; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1208. City tax.
Any city in this Commonwealth in which is located any bank may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation on each $100 of the net capital of such bank located in such city. If such bank also has offices that are located outside the corporate limits of such city, the tax shall be apportioned as provided in § 58.1-1211.

Code 1950, § 58-485.09; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1209. Town tax.
Any incorporated town in this Commonwealth in which is located a bank may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation for each $100 of the net capital of a bank located in such town. If such bank also has offices that are located outside the corporate limits of such town, the tax shall be apportioned as provided in § 58.1-1211.

Code 1950, § 58-485.010; 1980, c. 578; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1210. County tax.
Any county of this Commonwealth in which is located any bank outside any incorporated town therein may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation for each $100 of the net capital of the bank so located in such county outside the corporate limits of any town therein. If such bank also has offices that are located outside such county or within the corporate limits of any town therein, the tax shall be apportioned as provided in § 58.1-1211.

Code 1950, § 58-485.011; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1211. Branch banks.
If any bank has offices located in two or more political subdivisions, which includes cities, towns and counties, the tax which may be imposed by any subdivision under §§ 58.1-1208, 58.1-1209 or § 58.1-1210 shall be imposed upon only such proportion of the taxable value of the net capital under § 58.1-1204 as the total deposits of such bank, or offices located inside the taxing subdivision, bears to total deposits as of the end of the preceding year. For the purposes of this section, offices located within an incorporated town shall be deemed not within the county where such banks are located.

Code 1950, § 58-485.012; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1212. Record of deposits through branches required.
Each bank in the Commonwealth that has as of the beginning of any tax year a bank located in any county, incorporated town or city other than the county, incorporated town or city wherein such bank's principal office is located, shall maintain a record of the deposits through each such branch as of the beginning of the tax year. Each bank shall also electronically submit to the commissioner of the revenue or other assessing officer of the locality wherein such principal office is located a report of such deposits with the return required under § 58.1-1207.

Code 1950, § 58-485.014; 1980, c. 578; 1984, c. 675; 2023, cc. 50, 51.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1213. Credit against state tax for amounts paid cities, towns and counties.
Any bank paying any tax assessed by any city, incorporated town, or county within this Commonwealth shall be entitled to credit upon the state tax assessed against it for that year on account of any city, town or county franchise tax paid by such bank for that year. In no event, however, shall the credit exceed the amount of such city, incorporated town or county levies authorized by this chapter.

Code 1950, § 58-485.015; 1980, c. 578; 1984, c. 675; 1994, c. 186.
Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1214. Auditing of returns.
The Department of Taxation may audit returns as the Commissioner deems necessary for the proper enforcement of the tax levied by this chapter. The Department shall correct all errors discovered by such audit and notify the bank concerned in each case. In case of an adjustment, it shall also notify every political subdivision imposing a tax against the bank for which the bank claimed a credit against the state tax under § 58.1-1213.

Code 1950, § 58-485.016; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1215. Banks in liquidation.
When the affairs of any bank are being wound up under §§ 6.2-913, 6.2-916, and 6.2-1038 or the comparable sections of the National Banking Act, such bank will not be subject to tax under this chapter, except as provided in this section. Returns of such assets on January 1 of each year shall be made by those having custody or control thereof. If any surplus remains after payment of all creditors and depositors, the liquidating officer shall ascertain the net capital of such bank, just prior to each year-end during the period of liquidation and cause to be paid an appropriate tax thereon before any distribution of any such surplus, but any such tax on the bank, even though paid late, shall not be subject to penalty.

Code 1950, § 58-485.017; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1216. Penalty upon bank for failure to comply with chapter.
Any bank which fails to file a return or pay the state tax required by this chapter or fails to comply with any other provision of this chapter shall be subject to a penalty of five percent of the tax due. If the Commissioner is satisfied that such failure is due to providential or other good cause, such return and payment of tax shall be accepted exclusive of such penalty, but with interest determined in accordance with § 58.1-15.

Code 1950, § 58-485.018; 1980, c. 578; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 12 (Bank Franchise Tax)
§ 58.1-1217. State banks and national banks treated the same in matter of taxation.
In the event that any state or local tax is held by a court of competent jurisdiction to be invalid in its application to national banks, as a class, such tax shall not thereafter be assessed against state banks.

Code 1950, § 58-485.03; 1980, c. 578; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1400. Title.
This chapter shall be known and may be cited as the "Virginia Watercraft Sales and Use Tax Act."

Code 1950, § 58-685.39; 1981, c. 405; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1401. Definitions.
As used in this chapter, unless the context clearly shows otherwise, the term or phrase:

"Dealer" means any watercraft dealer as defined in § 29.1-801.

"Gross receipts" means the amount received for the lease, charter, or other use of any watercraft. The term shall include hourly rental, maintenance, and all other charges for use of any watercraft and charges for pilots crew, or other services, unless separately stated on the invoice. The term shall also include the amount by which the price estimated under § 58.1-1403 exceeds the charge actually made.

"Sale" means any transfer of ownership or possession of a watercraft by exchange or barter, conditional or otherwise, in any manner. The term shall also include (i) a transaction whereby possession is transferred but title is retained by the seller as security, (ii) any lease or rental for a period of time substantially equal to the remaining life of the watercraft, and (iii) any lease or rental requiring total payments by the lessee during the lease or rental period which substantially equals the value of the watercraft. The term shall not include a transfer of ownership or possession made to secure the payment of an obligation.

"Sale price" means the total price paid for a watercraft and all attachments thereon and accessories thereto, exclusive of any federal manufacturer's excise tax, without any allowance or deduction for trade-ins or unpaid liens or encumbrances.

"Watercraft" means any vessel propelled by machinery whether or not the machinery is the principal source of propulsion. The term shall also include any sail-powered vessel which is in excess of eighteen feet in length measured along the centerline. The term shall not include a seaplane on the water or a watercraft which has a valid marine titling document issued by the United States Coast Guard.

Code 1950, § 58-685.40; 1981, c. 405; 1984, cc. 418, 675; 1997, c. 877.

Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1401.1. When motor deemed a watercraft.
Any motor used to power a watercraft as defined in § 58.1-1401 and sold separately from such watercraft shall be deemed a watercraft for purposes of this chapter.

1994, c. 443.
Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1402. Tax levied.
There is hereby levied and imposed, in addition to all other taxes and fees of every kind now imposed by law, a tax upon the sale of every watercraft sold in this Commonwealth, upon the use in this Commonwealth of any watercraft and upon the gross receipts from the lease, charter or other use of any watercraft by a registered dealer in this Commonwealth. The amount of the tax to be collected shall be determined by applying the following rate against the sale price, market value or gross receipts:

1. Two percent of the sale price of each watercraft sold in the Commonwealth.

2. Two percent of the sale price of each watercraft not sold in the Commonwealth but required to be titled in the Commonwealth. However, if the watercraft is first required to be titled in the Commonwealth six months or more after its acquisition, the tax shall be two percent of the market value of such watercraft at the time it is titled.

3. Two percent of the gross receipts from the lease, charter or other use of any watercraft by a registered dealer.

The maximum tax levied under subdivisions 1 and 2 of this section shall be $2,000. A transaction taxed under subdivision 1 shall not be taxed under subdivision 2 or 3, nor shall the same transaction be taxed more than once under either subdivision 1, 2 or 3. Use of any watercraft by a registered dealer resulting in taxation under subdivision 3 shall not exempt any subsequent sale or use of such watercraft from being taxed under subdivision 1 or 2 if applicable.

Code 1950, §§ 58-685.41, 58-685.44; 1981, c. 405; 1984, c. 675; 1987, c. 516; 1990, c. 666.
Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1403. Basis of tax; estimate of tax; penalty for misrepresentation.
A. The Tax Commissioner shall assess and collect the tax for the use or sale of a watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon the basis of the sale price of such watercraft.

Any person who sells a watercraft in this Commonwealth shall supply the buyer with an invoice, signed by the seller or his representative, which shall state the sale price of the watercraft. The buyer shall present such invoice to the Tax Commissioner with his return and payment of the tax.

B. The Tax Commissioner shall assess and collect the tax on the lease or charter of a watercraft by a registered dealer on the basis of the gross receipts arising from all transactions pertaining to the lease, charter or other use of such watercraft during the preceding calendar month. The dealer shall submit a return to the Tax Commissioner showing the gross receipts arising from such transactions. The dealer shall remit with such return the amount of tax due.

C. In any case where (i) the invoice is not available, (ii) the Tax Commissioner has reason to believe that an invoice or return does not reflect the true sales price, or (iii) the watercraft was purchased more than six months prior to its use or storage in the Commonwealth, the Tax Commissioner may assess the tax in accordance with such publications or other data as are customarily employed in ascertaining the maximum sale price of watercraft. Where the Tax Commissioner finds that a charge for the rental, lease, charter or use of watercraft has been lower than the fair market value of such use, the Tax Commissioner may estimate a fair price in accordance with the cost of the watercraft, the cost of maintenance, the normal rental value as shown in similar transactions, or other relevant data.

Any person who knowingly misrepresents the value of a watercraft or the amount of tax due to the Tax Commissioner or any return or invoice shall be guilty of a Class 1 misdemeanor.

Code 1950, §§ 58-685.44, 58-685.47; 1981, c. 405; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1404. Exemptions.
A. Any watercraft sold to or used by the United States or any of the governmental agencies thereof or the Commonwealth of Virginia or any political subdivision thereof or sold to an insurance company for the sole purpose of disposition when such insurance company has paid the registered owner of such watercraft on a total loss claim shall be exempt from the tax imposed by this chapter.

B. Any person who was the owner of a watercraft that was not required to be titled prior to January 1, 1998, shall apply for a title for such watercraft without incurring liability for the tax imposed under this chapter.

C. Any watercraft constructed by a commercial waterman for his own use shall be exempt from the tax imposed under this chapter.

D. Any registered dealer in watercraft shall be exempt from the tax imposed by subdivisions 1 and 2 of § 58.1-1402. Such dealer shall also be exempt from titling requirements as provided in § 29.1-733.6.

E. Any watercraft purchased by and for the use of a volunteer fire department or volunteer emergency medical services agency not conducted for profit shall be exempt from the tax imposed under this chapter.

F. Any watercraft transferred to trustees of a revocable inter vivos trust, when the owners of the watercraft and the beneficiaries of the trust are the same persons, regardless of whether other beneficiaries may also be named in the trust instrument, or transferred by trustees of such a trust to beneficiaries of the trust following the death of the grantor, when no consideration has passed between the grantor and the beneficiaries in either case, shall be exempt from the tax imposed under this chapter.

Code 1950, §§ 58-685.44 to 58-685.46; 1981, c. 405; 1984, c. 675; 1986, c. 545; 1988, c. 314; 1997, c. 877; 2000, c. 602; 2013, c. 787; 2015, cc. 502, 503.

Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1405. Time for payment of tax.
A. Except as provided in paragraph B of this section, the tax levied pursuant to this chapter shall be paid by the purchaser or user of such watercraft and collected by the Tax Commissioner at the time the owner is required to apply to the Department of Wildlife Resources for a title. Except as otherwise provided in § 58.1-1404, no title shall be issued unless the applicant for title shows to the satisfaction of the Department of Wildlife Resources that such tax has been paid.

B. The tax on the gross receipts from the lease or charter of watercraft shall be paid by the registered dealer collecting such receipts to the Commissioner on or before the twentieth day of each month following the month in which such receipts were collected.

Code 1950, §§ 58-685.44, 58-685.46; 1981, c. 405; 1984, c. 675; 1997, c. 877; 2020, c. 958.
Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1406. Dealers' certificates of registration.
A. Every person who qualifies as a dealer under Chapter 8 (§ 29.1-800 et seq.) of Title 29.1 and desires to transfer ownership in watercraft without obtaining a certificate of title shall file with the Tax Commissioner an application for a certificate of registration for each place of business in this Commonwealth.

B. Every application for a certificate of registration shall be made upon a form prescribed by the Commissioner and shall set forth (i) the name under which the applicant transacts or intends to transact business, (ii) the location of his place or places of business, and (iii) such other information as the Commissioner may require. The application shall be signed by the owner if a natural person; in the case of an association or partnership, by a member or partner; and, in the case of a corporation, by an executive officer or some person specifically authorized by the corporation to sign the application.

C. When the required application has been made the Commissioner shall issue to each applicant a separate certificate of registration for each place of business within this Commonwealth. A certificate of registration is not assignable and is valid only for the person in whose name it is issued and for the transaction of business at the place designated therein. It shall be at all times conspicuously displayed at the place for which issued.

D. Whenever any person fails to comply with any provision of this chapter or any rule or regulation of the Tax Commissioner relating thereto, the Commissioner, upon hearing after giving such person ten days' notice in writing, specifying the time and place of hearing and requiring him to show cause why his certificate of registration should not be revoked or suspended, may revoke or suspend any one or more of the certificates of registration held by such person. The notice may be personally served or served by registered mail directed to the last known address of such person.

E. Only those dealers who hold a current certificate of registration hereunder shall be authorized to transfer ownership of a watercraft without obtaining a certificate of title therein, and paying the tax imposed by this chapter.

F. If the holder of a certificate of registration ceases to conduct his business at the place specified in his certificate, the certificate shall thereupon expire. The holder of such certificate shall inform the Commissioner in writing within thirty days after he has ceased to conduct business at such place that he has so ceased. However, if the holder of a certificate of registration desires to change his place of business to another place in this Commonwealth, he shall so inform the Commissioner in writing and his certificate shall be revised accordingly without charge.

Code 1950, § 58-685.43; 1981, c. 405; 1984, c. 675.
Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1407. Retention of documents.
Any person who sells a watercraft in this Commonwealth shall retain a copy of the invoice required by § 58.1-1403 for three years following such sale. Any person taxed as a dealer under § 58.1-1402 shall retain a copy of all invoices for lease, charter or other usage of watercraft for three years following such transaction. Each invoice shall give an accurate description of the watercraft sold, leased or used.

Code 1950, § 58-685.48; 1981, c. 405; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1408. Civil penalties and interest.
When any person fails to make any return or pay the full amount of tax required by § 58.1-1402 within thirty days of the required filing and payment date, there shall be imposed, in addition to other penalties provided herein, a penalty to be added to the tax in the amount of six percent of the unpaid tax. An additional six percent of the tax due shall be charged for each additional thirty-day period, or fraction thereof, after sixty days, during which the failure to make any return or pay the full amount of tax continues. Such additional penalty shall not exceed thirty percent in the aggregate.

If any such failure is due to providential or other good cause, shown to the satisfaction of the Commissioner, the return, with remittance, shall be accepted exclusive of such penalties, but with interest determined in accordance with § 58.1-15.

In the case of a false or fraudulent return, where willful intent exists to defraud the Commonwealth of any tax due under this chapter, or in the case of willful failure to file a return with the intent to defraud the Commonwealth of any such tax, a penalty of fifty percent of the amount of the proper tax shall be assessed. It shall be prima facie evidence of intent to defraud the Commonwealth of any tax due under this chapter when any purchaser or user of a watercraft reports the sale price or current market value of his watercraft, as the case may be, at fifty percent or less of the actual amount. It shall also be prima facie evidence of intent to defraud the Commonwealth of any tax due under this chapter when any dealer reports the gross receipts collected from the lease, charter or other use of watercraft at fifty percent or less of the actual amount received for such lease, charter or use.

All penalties and interest imposed by this chapter shall be payable by the purchaser or user of the watercraft and collectible by the Commissioner in the same manner as if they were a part of the tax imposed.

Interest, at a rate determined in accordance with § 58.1-15, on the unpaid amount of the tax from the day after the last day for timely filing and payment of the tax shall accrue until the same is paid.

Code 1950, §§ 58-685.42, 58-685.44; 1981, c. 405; 1984, c. 675; 1991, cc. 316, 331.
Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1409. Credit against tax.
A credit shall be granted against the tax imposed by this chapter with respect to a person's use in this Commonwealth of a watercraft purchased by him in another state, or purchased by him in this Commonwealth if the state sales tax was paid thereon. The amount of the credit shall be equal to the tax paid by him to another state by reason of the imposition of a similar tax on his purchase or use of the property, or the sales tax paid to this Commonwealth. The amount of the credit shall not exceed the tax imposed by this chapter.

Code 1950, § 58-685.49; 1981, c. 405; 1984, c. 675.

Code of Virginia — Title 58.1 (Taxation), Chapter 14 (VIRGINIA WATERCRAFT SALES AND USE TAX)
§ 58.1-1410. Disposition of funds.
Funds collected hereunder by the Tax Commissioner shall be paid into the general fund of the state treasury and allocated to the game protection fund in the following manner:

a	For Fiscal Year	Percentage of Collections
b	1996	50%
c	1997	50%
d	1998	50%
e	1999	75%
f	2000 and thereafter	100%

Not later than thirty days after the close of each quarter, the Comptroller shall transfer to the game protection fund the appropriate percentage of collections to be dedicated to such fund. The Comptroller may make such adjustments as necessary in subsequent quarters subject to the audit report of the Auditor of Public Accounts.

Such funds shall be made available only to the Department of Wildlife Resources for the following: boating-related activities and expenses, and to enhance and improve recreation opportunities for boaters, including but not limited to land acquisition, capital projects, maintenance, and facilities for boating access to the waters of the Commonwealth; boating safety law enforcement, including salaries, benefits, equipment and overtime expenses for conservation police officers so assigned; boating and other aquatic resource educational activities, including personnel, and education and safety materials; boating-related expenses for required reporting to federal and state officials; information management costs, including personnel, hardware, and software needed to better serve boating customers; and related administrative costs for boating-related activities, including human resources, accounting, public relations, administration and facilities to support and house necessary boating-related personnel and equipment.

Code 1950, § 58-685.50; 1981, c. 405; 1984, c. 675; 1994, c. 322; 1997, c. 877; 2020, c. 958.
Code of Virginia — Title 58.1 (Taxation), Chapter 15 (VIRGINIA AIRCRAFT SALES AND USE TAX)
§ 58.1-1500. Title.
This chapter shall be known and may be cited as the "Virginia Aircraft Sales and Use Tax Act."

Code 1950, § 58-685.27; 1974, c. 431; 1984, c. 675.