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2004 SESSION

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SB 681 Publ. serv. corpor.; requires certain electric suppliers to pay a minimum tax rather than corp. tax.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Taxation; minimum tax on certain electric suppliers. Requires certain electric suppliers to pay a minimum tax rather than the corporate income tax for any year their minimum tax liability is greater than their corporate income tax liability. The minimum tax is equal to 1.45 percent of the electric supplier's gross receipts minus the state's portion of the electric utility consumption tax billed to consumers. For electric cooperatives that are exempt from federal taxation under § 501 of the Internal Revenue Code, the minimum tax is equal to 1.45 percent of the cooperative's gross receipts from sales to nonmembers minus the consumption tax collected from nonmembers. Also included are provisions dealing with electric suppliers that file consolidated or combined returns. The bill will be effective for taxable years beginning on or after January 1, 2004, and there is an emergency clause.


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