58.1-3732.5 - Limitation on gross receipts of security brokers and dealers. - Virginia Statutes

§ 58.1-3732.5. Limitation on gross receipts of security brokers and dealers.

Gross receipts of a security broker or security dealer for license taxpurposes under this chapter shall not include amounts received by the brokeror dealer that arise from the sale or purchase of a security to the extentthat such amounts are paid to an independent registered representative as acommission on any sale or purchase of a security. The broker or dealerclaiming the exclusion shall identify on the person's license applicationeach independent registered representative to whom the excluded receipts havebeen paid and, if applicable, the jurisdictions in the Commonwealth ofVirginia to which the independent registered representative is subject tobusiness license taxes.

(2010, cc. 195, 283.)