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2012 SESSION
12100250DBe it enacted by the General Assembly of Virginia:
1. That § 58.1-3702 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3702. Authority of counties, cities, and towns.
A. The provisions of this chapter shall be the sole authority for counties, cities and towns for the levying of the license taxes described herein. Except as provided herein, the governing body of every county, city, and town that levies such license tax may impose the tax on the gross receipts or the Virginia taxable income of the business. However, a county, city, or town that did not impose any of the taxes under this chapter for the 2011 license year may impose the taxes under this chapter on the Virginia taxable income of the business and not on the gross receipts of the business.
B. Virginia
taxable income shall be calculated pursuant to the provisions of § 58.1-322 or
58.1-402, whichever is applicable to the business. Throughout this chapter, except in § 58.1-3731,
wherever the term "gross receipts" is used, the term "Virginia
taxable income" shall be substituted whenever a county, city, or town selects uses
it as the base on which to levy the license tax.
C. Notwithstanding any other provision of this section, a business subject to a license tax pursuant to § 58.1-3731 shall be subject to the license tax on gross receipts provided under such section.