Source: https://vacode.org/58.1-3510.4/
Timestamp: 2019-04-21 04:44:35
Document Index: 523555110

Matched Legal Cases: ['§ 58', '§ 58', '§ 58', '§ 46', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58']

Short-term rental property; short-term rental businesses (§ 58.1-3510.4)—Virginia Decoded - Virginia Decoded
Next →58.1-3510.5 Renter's certificate of registration
3.1 Short-term Rental Property.
§ 58.1-3510.4 Short-term rental property; short-term rental . . .
§ 58.1-3510.4
Short-term rental property; short-term rental businesses
A. For purposes of this article, “short-term rental property” means all tangible personal property held for rental and owned by a person engaged in the short-term rental business as defined in subsection B, excluding (i) trailers as defined in § 46.2-100, and (ii) other tangible personal property required to be licensed or registered with the Department of Motor Vehicles, Department of Game and Inland Fisheries, or Department of Aviation.Short-term rental property shall constitute a classification of merchants’ capital that is separate from other classifications of merchants’ capital. For local property taxation purposes, the governing body of any county, city, or town may tax short-term rental property pursuant to § 58.1-3509 or may impose the tax authorized under § 58.1-3510.6, but not both.
2. Not less than 60 percent of the gross rental receipts of such business during the preceding year arose from transactions involving the rental of heavy equipment property for periods of 270 consecutive days or less, including all extensions and renewals to the same person or a person affiliated with the lessee. For the purposes of this subdivision, “heavy equipment property” means rental property of an industry that is described under code 532412 or 532490 of the 2002 North American Industry Classification System as published by the United States Census Bureau, excluding office furniture, office equipment, and programmable computer equipment and peripherals as defined in § 58.1-3503 A 16.
C. For purposes of determining whether a person is engaged in the short-term rental business as defined in subsection B, (i) a person is “affiliated” with the lessee of rental property if such person is an officer, director, partner, member, shareholder, parent or subsidiary of the lessee, or if such person and the lessee have any common ownership interest in excess of five percent, (ii) any rental to a person affiliated with the lessee shall be treated as rental receipts but shall not qualify for purposes of the 80 percent requirement of subdivision 1 of subsection B or the 60 percent requirement of subdivision 2 of subsection B, and (iii) any rental of personal property which also involves the provision of personal services for the operation of the personal property rented shall not be treated as gross receipts from rental, provided however that the delivery and installation of tangible personal property shall not mean operation for the purposes of this subdivision.
If you’re reading this for anything important, you should double-check its accuracy—read § 58.1-3510.4 on the official Code of Virginia website.
§ 58.1-3500 Defined and segregated for local taxation
§ 58.1-3510.5 Renter's certificate of registration
§ 58.1-3704 License tax on merchants in lieu of merchants' capital tax