2011 Code of Virginia
Title 58.1 TAXATION.
Chapter 29.1 Natural Gas Consumption Tax (58.1-2904 thru 58.1-2907)
58.1-2906 Natural gas consumption tax relating to the special regulatory tax; notification of change...
58.1-2906. Natural gas consumption tax relating to the special regulatory tax; notification of changes.
A. The Commission may in the performance of its function and duty in levying the natural gas utility consumption tax relating to the special regulatory tax, omit the levy on any portion of the tax fixed in 58.1-2904 as is unnecessary within the Commission's sole discretion for the accomplishment of the objects for which the tax is imposed, including a reasonable margin in the nature of a reserve fund.
B. The Commission shall notify all pipeline distribution companies and gas utilities collecting the tax on consumers of natural gas of any change in the natural gas consumption tax relating to the special regulatory tax not later than the first day of the second month preceding the month in which the revised rate is to take effect.
(2000, cc. 691, 706.)
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