58.1-2906 - Natural gas consumption tax relating to the special regulatory tax; notification of changes. - Virginia Statutes

§ 58.1-2906. Natural gas consumption tax relating to the special regulatorytax; notification of changes.

A. The Commission may in the performance of its function and duty in levyingthe natural gas utility consumption tax relating to the special regulatorytax, omit the levy on any portion of the tax fixed in § 58.1-2904 as isunnecessary within the Commission's sole discretion for the accomplishment ofthe objects for which the tax is imposed, including a reasonable margin inthe nature of a reserve fund.

B. The Commission shall notify all pipeline distribution companies and gasutilities collecting the tax on consumers of natural gas of any change in thenatural gas consumption tax relating to the special regulatory tax not laterthan the first day of the second month preceding the month in which therevised rate is to take effect.

(2000, cc. 691, 706.)