58.1-2626 - Annual state license tax on companies furnishing water, heat, light or power. - Virginia Statutes

§ 58.1-2626. Annual state license tax on companies furnishing water, heat,light or power.

A. Every corporation doing in the Commonwealth the business of furnishingwater, heat, light or power, whether by means of gas or steam, except (i) apipeline transmission company taxed pursuant to § 58.1-2627.1, (ii) apipeline distribution company as defined in § 58.1-2600 and a gas utility anda gas supplier as defined in § 58.1-400.2, or (iii) an electric supplier asdefined in § 58.1-400.2, shall, for the privilege of doing business withinthe Commonwealth, pay to the Commonwealth for each tax year an annual licensetax equal to two percent of its gross receipts, actually received, from allsources.

B. The state license tax provided in subsection A shall be (i) in lieu of allother state license or franchise taxes on such corporation, and (ii) in lieuof any tax upon the shares of stock issued by it.

C. Nothing herein contained shall exempt such corporation from motor vehiclelicense taxes, motor vehicle fuel taxes, fees required by § 13.1-775.1 orfrom assessments for street and other local improvements, which shall beauthorized by law, nor from the county, city, town, district or road levies.

D. Nothing herein contained shall annul or interfere with any contract oragreement by ordinance between such corporations and cities and towns as tocompensation for the use of the streets or alleys by such corporations.

(Code 1950, § 58-603; 1971, Ex. Sess., c. 41; 1972, c. 858; 1976, c. 778;1978, c. 786; 1980, c. 668; 1982, c. 633; 1984, c. 675; 1985, c. 31; 1987,cc. 320, 364; 1999, c. 971; 2000, cc. 691, 706.)