58.1-2658.1 - Distribution of certain taxes collected. - Virginia Statutes

§ 58.1-2658.1. Distribution of certain taxes collected.

The taxes assessed upon the rolling stock of railroads and freight carcompanies as provided in § 58.1-2652 shall be distributed in the followingmanner:

1. One-half shall be distributed to the counties, cities and incorporatedtowns of the Commonwealth in such percentage as the fair market value ofroadway and track located in such county, city or town bears to the totalfair market value of roadway and track in the Commonwealth.

2. One-half shall be distributed to the counties, cities and incorporatedtowns of the Commonwealth in such percentage as the miles of track located insuch county, city or town bears to the total miles of track in theCommonwealth.

The Department shall determine the percentage of fair market value and ofmiles of track in the Commonwealth for each county, city and incorporatedtown to which it shall be entitled using the latest available information.

After ascertaining the amount of tax payable to each county, city andincorporated town, the Department shall certify to the Comptroller therespective sums to be paid and the Comptroller shall thereupon make paymentto the treasurer or other proper fiscal officer of the localities the amountsrespectively due them as certified by the Department. When received by therespective local political subdivisions, these payments shall constitute andbe regarded as receipts for the general purpose of local government.

(1985, c. 557.)