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1999 SESSION
989323176Be it enacted by the General Assembly of Virginia:
1. That § 58.1-401 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-401. Exemptions and exclusions.
No tax levied pursuant to § 58.1-400 or § 58.1-400.1 is imposed on:
1. A public service corporation to the extent such corporation is subject to the license tax on gross receipts contained in Chapter 26 (§ 58.1-2600 et seq.) of this title;
2. Insurance companies to the extent such company is subject to the license tax on gross premiums under Chapter 25 (§ 58.1-2500 et seq.) of this title and reciprocal or interinsurance exchanges which pay a premium tax to the Commonwealth as provided by law;
3. State and national banks, banking associations and trust companies to the extent such companies are subject to the bank franchise tax on net capital;
3a. Credit unions organized and conducted as such under the laws of the Commonwealth or under the laws of the United States;
4. Electing small business corporations (S corporations);
5. Religious, educational, benevolent and other corporations not organized or conducted for pecuniary profit which by reason of their purposes or activities are exempt from income tax under the laws of the United States, except those organizations which have unrelated business income or other taxable income under such laws;
6. Telephone companies chartered in the Commonwealth which are exclusively a local mutual association and are not designated to accumulate profits for the benefit of, or to pay dividends to, the stockholders or members thereof;
7. A corporation that has contracted with a commercial printer for printing and
that is not otherwise taxable shall not become taxable by reason of: (i) the
ownership or leasing by that corporation of tangible personal property located
at the Virginia premises of the commercial printer and used solely in
connection with the printing contract with such person; (ii) the sale by that
corporation at another location of property of any kind printed at and shipped
or distributed from the Virginia premises of the commercial printer; (iii) the
activities in connection with the printing contract with such person of any
kind performed by or on behalf of that corporation at the Virginia premises of
the commercial printer; and (iv) the activities in connection with the printing
contract with such person performed by the commercial printer for or on behalf
of that corporation; and
8. Foreign sales corporations (FSC) and any income attributable to an FSC under
the rules relating to the taxation of an FSC in Part III, Subpart C of the
Internal Revenue Code (§ 921 et seq.) and the regulations
thereunder.; and
9. Any corporation which owes $50,000 or less in corporate income tax for taxable years beginning on and after January 1, 1998. Such corporation shall comply with the provisions of Article 14 (§ 58.1-440 et seq.) of Chapter 3 of this title.