58.1-1507 - Election by commercial dealer; revocation; eligibility. - Virginia Statutes

§ 58.1-1507. Election by commercial dealer; revocation; eligibility.

Any person holding a commercial dealer's license issued by the Department ofAviation who desires to be subject to the tax imposed by subdivision 3 of §58.1-1502 shall notify the Commissioner in writing of such election. Theelection may be made at or before the time for filing a return as required by§ 58.1-1506.

An election shall be revocable only by permission of the Commissioner. Uponrevocation of an election, the tax imposed under subdivisions 1 and 2 of §58.1-1502 shall immediately become due and payable. Any person who so revokesan election shall be ineligible to make an election under this section fortwo years following such revocation.

(Code 1950, § 58-685.30; 1974, c. 431; 1975, c. 424; 1977, c. 396; 1984, c.675.)