13.1-341 - Taxes. - Virginia Statutes

§ 13.1-341. Taxes.

Nothing in this article shall be construed as exempting any association fromthe payment of license, income, property or other taxes, state and local; andthe designation of any such association in this article as nonprofit shallnot be construed as exempting it from state income taxation, notwithstandingany other provision of law. For the privilege of storing or marketingagricultural products, an association shall, however, pay only an annuallicense fee of ten dollars which shall be in lieu of all other corporation,franchise and income taxes, taxes on capital, taxes and charges upon reservesheld by the association, and all state and local license taxes on that partof its business which is solely and exclusively the storing or marketing ofagricultural products. Marketing of agricultural products shall include thefunctions involved in transferring title and in moving goods from producer toconsumer, including buying, selling, processing, packing, storing,transporting, standardizing, financing, risk bearing and supplying marketinformation.

(Code 1950, § 13-291; 1956, c. 428; 1982, c. 266.)