58.1-1504 - Credit against tax. - Virginia Statutes

§ 58.1-1504. Credit against tax.

A credit shall be granted against the tax imposed by this chapter withrespect to a person's use in this Commonwealth of an aircraft purchased byhim in another state, or assembled by him from component parts on whichVirginia retail sales or use tax was paid. The amount of the credit shall beequal to the tax paid by him to another state by reason of the imposition ofa similar tax on his purchase or use of the property or the amount ofVirginia retail sales and use tax paid on the component parts of suchassembled aircraft. The amount of the credit shall not exceed the tax imposedby this chapter.

(Code 1950, § 58-685.37; 1974, c. 431; 1984, cc. 547, 675.)