58.1-434 - Telecommunications income tax credit. - Virginia Statutes

§ 58.1-434. Telecommunications income tax credit.

Any telecommunications company as defined in § 58.1-400.1 shall receive thefollowing credit against the tax imposed by § 58.1-400:

Taxable Year                               Tax Credit
    1989           80% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.
    1990           70% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.
    1991           60% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.
    1992 and 1993  50% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.
    1994           40% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.
    1995 and 1996  30% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.
    1997           20% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.
    1998           10% of the amount by which the tax imposed by § 58.1-400
                   exceeds 1.3% of gross receipts.

In no event shall the credit allowed under this section exceed the taximposed by § 58.1-400. The provisions of § 58.1-400.1 shall be applied incomputing gross receipts for purposes of this section.

(1988, c. 899.)