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1997 SESSION
973726146Patrons-- Brickley, Abbitt, Albo, Barlow, Callahan, Cantor, Cooper, Cox, Darner, Dudley, Hall, Ingram, McDonnell, Morgan, Nixon, O'Brien, Plum, Purkey, Rhodes, Tata and Way; Senators: Hanger and Ticer
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3732.2 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3732.2. Limitation on gross receipts; real estate brokers.
Gross receipts of real estate brokers for license tax purposes under Chapter 37
(§ 58.1-3700 et seq.) of this title shall not include amounts received by
any broker which arise from real estate sales transactions to the extent that
such amounts are paid to a real estate agent as a commission on any real estate
sales transaction. and the The agent is
shall be subject to the business license tax on such
receipts. and shall file
separately from the broker.
The broker claiming the exclusion shall identify on its license application
each agent to whom the excluded receipts have been paid, and the jurisdiction
in the Commonwealth of Virginia to which the agent is subject to business
license taxes.