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2015 SESSION
15103707DBe it enacted by the General Assembly of Virginia:
1. That § 58.1-423 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-423. Income tax paid by commercial spaceflight entities.
A. Beginning July 1, 2011, and
for fiscal years 2012, 2013, 2014, and 2015, the portion of
the Virginia income tax net revenue generated by qualified corporations or
limited liability companies that is attributable to the sale of commercial
human spaceflights or commercial spaceflight training (regardless of point of
sale, or where space flight takes place), or is incidental to the sale of
commercial human spaceflights, shall be transferred to the Virginia Commercial
Space Flight Authority, established pursuant to Article 2 (§ 2.2-2201 et seq.)
of Chapter 22 of Title 2.2. The Tax Commissioner shall make a written
certification to the Comptroller within 15 days of the close of each calendar
quarter providing an estimate of the portion of the Virginia income tax net
revenue generated during the calendar quarter by the qualified corporations or
limited liability companies that is attributable to the sale of commercial
human spaceflights or commercial spaceflight training or is incidental to the
sale of commercial human spaceflights. Not later than 30 days after the close
of each quarter, the Comptroller shall transfer to the Virginia Commercial
Space Flight Authority an amount from the general fund that is equal to the
estimate provided by the Tax Commissioner.
B. For purposes of this section, a qualified corporation or limited liability company is a corporation or limited liability company that engages in commercial human spaceflights or commercial spaceflight training.