58.1-3508 - Separate classification and exemption from state taxation of machinery, tools and supplies used in harvesting forest products. - Virginia Statutes

§ 58.1-3508. Separate classification and exemption from state taxation ofmachinery, tools and supplies used in harvesting forest products.

A. Machinery or tools and repair parts therefor or replacements thereof, useddirectly in the harvesting of forest products for sale or for use as acomponent part of a product to be sold, shall constitute a classification forlocal taxation separate from other such classifications of real or personalproperty or machinery and tools as defined in § 58.1-3507. The rate ofassessment and the rate of tax shall not exceed that applicable generally tomachinery and tools.

B. The provisions of this section shall be applicable only to taxpayersliable for payment of forest product taxes under Chapter 16 (§ 58.1-1600 etseq.) of this title.

(Code 1950, § 58-838.21; 1972, c. 325; 1984, c. 675.)