58.1-2902 - Electric utility consumption tax relating to the special regulatory tax; when not assessed or assessed only in part. - Virginia Statutes

§ 58.1-2902. Electric utility consumption tax relating to the specialregulatory tax; when not assessed or assessed only in part.

A. The Commission may in the performance of its function and duty in levyingthe electric utility consumption tax relating to the special regulatory tax,omit the levy on any portion of the tax fixed in § 58.1-2900 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 each provider of billing services, as definedin subsection E of § 58.1-2901, collecting the tax on consumers ofelectricity of any change in the electric utility consumption tax relating tothe special regulatory tax not later than the first day of the second monthpreceding the month in which the revised rate is to take effect.

(1999, c. 971; 2001, c. 748.)