58.1-1103 - Exempt professions and businesses; how property used therein taxable. - Virginia Statutes

§ 58.1-1103. Exempt professions and businesses; how property used thereintaxable.

Section 58.1-1100 shall not be construed to apply (i) to any profession whichthe Commonwealth regulates by law, (ii) to industrial developmentcorporations organized pursuant to the terms of §§ 13.1-981 through 13.1-998,or (iii) to the business of farming, which includes propagating, growing,selling and planting, as an incident to the sale, of evergreens, shade trees,shrubs and all other nursery products, ornamental and otherwise, grown by theseller. Property used or employed in such exempt activities shall be taxablein the actual form in which it exists and not as intangible personal property.

(Code 1950, § 58-413; 1956, c. 241; 1962, c. 131; 1982, c. 633; 1984, c. 675.)