58.1-3605.1 - Reports by owners of tax exempt real estate. - Virginia Statutes

§ 58.1-3605.1. Reports by owners of tax exempt real estate.

Every owner of tax exempt real estate shall report to the appropriateassessing officer, on or before May 1, 1993, whether it has reported for taxyear 1992 to the Internal Revenue Service unrelated business taxable incomeas defined by § 512 of the Internal Revenue Code. Such tax exempt entityshall also advise such assessing officer of the amount of unrelated businesstaxable income reported, and the assessing officer shall record suchinformation in a manner so that it may be easily compared to the property taxliability such entity would be paying if it were not tax exempt. Aninventory of all such information shall be reported to the Department ofTaxation on or before August 1, 1993, so that the Department may compile suchinformation for submission to the chairmen of the Senate Finance Committeeand House Finance Committee, on or before December 1, 1993.

(1992, c. 889.)