58.1-604 - Imposition of use tax. - Virginia Statutes

§ 58.1-604. Imposition of use tax.

There is hereby levied and imposed, in addition to all other taxes and feesnow imposed by law, a tax upon the use or consumption of tangible personalproperty in this Commonwealth, or the storage of such property outside theCommonwealth for use or consumption in this Commonwealth, in the amount ofthree and one-half percent through midnight on July 31, 2004, and fourpercent beginning on and after August 1, 2004:

1. Of the cost price of each item or article of tangible personal propertyused or consumed in this Commonwealth. Tangible personal property which hasbeen acquired for use outside this Commonwealth and subsequently becomessubject to the tax imposed hereunder shall be taxed on the basis of its costprice if such property is brought within this Commonwealth for use within sixmonths of its acquisition; but if so brought within this Commonwealth sixmonths or more after its acquisition, such property shall be taxed on thebasis of the current market value (but not in excess of its cost price) ofsuch property at the time of its first use within this Commonwealth. Such taxshall be based on such proportion of the cost price or current market valueas the duration of time of use within this Commonwealth bears to the totaluseful life of such property (but it shall be presumed in all cases that suchproperty will remain within this Commonwealth for the remainder of its usefullife unless convincing evidence is provided to the contrary).

2. Of the cost price of each item or article of tangible personal propertystored outside this Commonwealth for use or consumption in this Commonwealth.

3. A transaction taxed under § 58.1-603 shall not also be taxed under thissection, nor shall the same transaction be taxed more than once under eithersection.

4. The use tax shall not apply with respect to the use of any article oftangible personal property brought into this Commonwealth by a nonresidentindividual, visiting in Virginia, for his personal use, while within thisCommonwealth.

5. The use tax shall not apply to out-of-state mail order catalog purchasestotaling $100 or less during any calendar year.

(Code 1950, §§ 58-441.5, 58-441.9; 1966, c. 151; 1984, c. 675; 1986, Sp.Sess., c. 12; 1995, c. 385; 2004, Sp. Sess. I, c. 3.)