58.1-3712.1 - Counties and cities authorized to levy severance tax on oil. - Virginia Statutes

§ 58.1-3712.1. Counties and cities authorized to levy severance tax on oil.

The governing body of any county or city may levy a license tax on everyperson engaging in the business of severing oil from the earth. Such taxshall be at a rate equal to one-half of one percent of the gross receiptsfrom the sale of oil severed in such county or city. Such gross receiptsshall be the fair market value measured at the time such oil is utilized orsold for utilization in such county or city or at the time such oil is placedin transit for shipment therefrom.

Any county or city enacting a license tax pursuant to this section mayrequire producers of oil and common carriers to maintain records and filereports showing the quantities of and receipts from oil which they haveproduced or transported.

(1985, c. 120.)