2011 Code of Virginia
Title 58.1 TAXATION.
Chapter 11 Intangible Personal Property Tax (58.1-1100 thru 58.1-1118)
58.1-1103 Exempt professions and businesses; how property used therein taxable
58.1-1103. Exempt professions and businesses; how property used therein taxable.
Section 58.1-1100 shall not be construed to apply (i) to any profession which the Commonwealth regulates by law, (ii) to industrial development corporations organized pursuant to the terms of 13.1-981 through 13.1-998, or (iii) to the business of farming, which includes propagating, growing, selling and planting, as an incident to the sale, of evergreens, shade trees, shrubs and all other nursery products, ornamental and otherwise, grown by the seller. Property used or employed in such exempt activities shall be taxable in the actual form in which it exists and not as intangible personal property.
(Code 1950, 58-413; 1956, c. 241; 1962, c. 131; 1982, c. 633; 1984, c. 675.)
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