58.1-420 - Railway companies; apportionment. - Virginia Statutes

§ 58.1-420. Railway companies; apportionment.

Notwithstanding the provisions of § 58.1-408, railway companies shalldetermine their net apportionable income to the Commonwealth by multiplyingthe Virginia taxable income of such company, excluding the classes of incomeallocable under § 58.1-407, by the use of the ratio of revenue car miles inthe Commonwealth to total revenue car miles of the company everywhere. Forthe purposes of this section, "revenue car mile" in the case of railwaycarriers of property or passengers means the movement of a unit of loaded carequipment a distance of one mile. The loaded car miles shall be determined inaccordance with the Uniform System of Accounts for Railroad Companies of theInterstate Commerce Commission.

(Code 1950, §§ 58-151.021, 58-151.050:3; 1971, Ex. Sess., c. 171; 1978, c.784; 1979, c. 371; 1981, c. 402; 1984, c. 675.)