58.1-2664 - When taxes not to be assessed or assessed only in part. - Virginia Statutes

§ 58.1-2664. When taxes not to be assessed or assessed only in part.

The Commission shall, in the performance of its function and duty inassessing and levying the special regulatory revenue taxes provided for bythis article, omit the assessment and levy of any portion of such taxes asare unnecessary within the Commission's sole discretion for theaccomplishment of the objects for which the regulatory revenue taxes areimposed including a reasonable margin in the nature of a reserve fund. TheTax Commissioner shall annually certify to the Commission the amount neededto sufficiently compensate that department for its estimated incrementalcosts to be incurred in the discharge of its statutory duties to assess andcollect state and local taxes against railroad corporations. The persons andcorporations upon whom such taxes are imposed are relieved from liability forthe payment of such regulatory revenue taxes, except when, and to the extentthat, the same have been assessed and levied by the Commission, in accordancewith the provisions of this article.

(Code 1950, § 58-669; 1983, c. 570; 1984, c. 675.)