58.1-3734.1 - Sales involving trade-ins. - Virginia Statutes

§ 58.1-3734.1. Sales involving trade-ins.

A. No locality shall assess omitted taxes against any motor vehicle dealerwhich calculated its gross receipts for license tax purposes by excluding thevalue of any vehicle accepted as a trade-in for periods of time prior toJanuary 1, 1991, unless such locality enforced the requirement that motorvehicle dealers include the amount of a trade-in vehicle in gross receiptsfor periods prior to January 1, 1990.

B. Whenever a motor vehicle dealer accepts a trade-in as part of a sale of amotor vehicle, the dealer's gross receipts for license tax purposes shall notinclude the amount of the trade-in.

(1990, c. 670.)