2011 Code of Virginia
Title 58.1 TAXATION.
Chapter 3 Income Tax (58.1-300 thru 58.1-549)
58.1-434 Telecommunications income tax credit
58.1-434. Telecommunications income tax credit.
Any telecommunications company as defined in 58.1-400.1 shall receive the following credit against the tax imposed by 58.1-400:
Taxable Year Tax Credit
1989 80% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
1990 70% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
1991 60% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
1992 and 1993 50% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
1994 40% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
1995 and 1996 30% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
1997 20% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
1998 10% of the amount by which the tax imposed by 58.1-400
exceeds 1.3% of gross receipts.
In no event shall the credit allowed under this section exceed the tax imposed by 58.1-400. The provisions of 58.1-400.1 shall be applied in computing gross receipts for purposes of this section.
(1988, c. 899.)
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