Virginia Administrative Code › Title 23 - TAXATION › Agency 10 - DEPARTMENT OF TAXATION › Chapter 120 - Corporation Income Tax › Section 23VAC10-120-80 - Telecommunications companies; definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings unless the context clearly indicates
				  otherwise:
"Calendar year" means a 12-month period beginning on January
				  1 and ending on December 31.
"Company" means a telecommunications company as certified by
				  the State Corporation Commission to the Department of Taxation.
"Department" means the Department of Taxation.
"Gross receipts" means the amount of "gross receipts"
				  certified to the Department of Taxation by the State Corporation Commission.
				  This amount is defined in § 58.1-400.1 of the Code of Virginia to mean
				  "all revenue from business done within the Commonwealth, including the
				  proportionate share of interstate revenue attributable to the Commonwealth, if
				  such inclusion will result in annual gross receipts exceeding $5 million, with
				  the following deductions:
1. Revenue
				billed on behalf of another such telephone company or person to the extent such
				revenues are later paid over to or settled with that telephone company or
				person; and
2. Revenues from
				carrier access charges received from a telephone company which is holding a
				certificate of public convenience and necessity from the State Corporation
				Commission or from a telephone utility company providing interstate
				communications service, together with all revenue from billing and collection
				amounting to less than $500,000 per year, and all revenues from shared network
				facilities agreements established under federal court order and like revenue
				received by other local exchange carriers."
"License tax" means the tax imposed on a telecommunications
				  company under Article 2 of Chapter 26 (§ 58.1-2600 et seq.) of the Code of
				  Virginia.
"Minimum tax on telecommunications companies" or "minimum
				  tax" means an amount of tax computed as a specified percent of the gross
				  receipts of a telecommunications company pursuant to § 58.1-400.1 of the
				  Code of Virginia.
"NOL" means net operating loss.
"NOLD" means net operating loss deductions.
"SCC" means the State Corporation Commission
"Sales" means the gross receipts of the telecommunications
				  company from all sources not allocated under § 58.1-407 of the Code of
				  Virginia regardless of whether or not such receipts are included in the amount
				  of gross receipts, as defined above.
"Taxable year" means the calendar or fiscal year for federal
				  income tax purposes.
"Telecommunications company" means a company certified to the
				  Department of Taxation by the State Corporation Commission as a
				  telecommunications company. Such a company is defined in § 58.1-400.1 of
				  the Code of Virginia to mean a telephone company or other person holding a
				  certificate of convenience and necessity granted by the State Corporation
				  Commission authorizing local exchange telephone service, interexchange service,
				  radio common carrier system or a cellular mobile radio communications system,
				  or holding a certificate issued pursuant to § 214 of the Communications
				  Act of 1934, as amended, authorizing telephone service; or a telegraph company
				  or other person operating the apparatus necessary to communicate by
				  telegraph.
"Telecommunications company income tax credit" means an
				  amount computed with regard to the gross receipts of a telecommunications
				  company available to offset the corporate income tax imposed on such company
				  under § 58.1-400 of the Code of Virginia.
Statutory Authority
§§ 58.1-203 and 58.1-400.1 of the Code of
					 Virginia.