58.1-2662 - Computation of revenue tax on railroads. - Virginia Statutes

§ 58.1-2662. Computation of revenue tax on railroads.

The special regulatory revenue tax levied pursuant to § 58.1-2660 shall bebased upon the gross transportation receipts of each railroad for the yearending December 31 preceding, to be ascertained in the following manner:

1. When the road of the corporation lies wholly within the Commonwealth, thetax shall be based upon the entire gross transportation receipts of suchcorporation.

2. When the road of the corporation lies partly within and partly without theCommonwealth, or is operated as a part of a line or system extending beyondthe Commonwealth, the tax shall be based upon the gross transportationreceipts earned within the Commonwealth, to be determined by ascertaining theaverage gross transportation receipts per mile over its whole extent withinand without the Commonwealth and multiplying the result by the number ofmiles operated within the Commonwealth. From the sum so ascertained there maybe deducted a reasonable sum due to any excess of value of the terminalfacilities or other similar advantages situated in other states over similarfacilities or advantages situated in the Commonwealth.

(Code 1950, § 58-664; 1970, c. 773; 1979, c. 443; 1980, c. 282; 1982, c. 62;1983, c. 547; 1984, c. 675.)