There is a newer version of the Code of Virginia
2015 Code of Virginia
Title 58.1 - Taxation
§ 58.1-434. Telecommunications income tax credit
VA Code § 58.1-434 (2015) What's This?
Any telecommunications company as defined in § 58.1-400.1 shall receive the following credit against the tax imposed by § 58.1-400:
| 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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