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2011 SESSION

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11100638D
HOUSE BILL NO. 1437 Offered January 12, 2011 Prefiled November 8, 2010 A BILL to amend and reenact § 58.1-3702 of the Code of Virginia, relating to localities' authority regarding the business, professional, and occupational license tax. ---------- Patrons-- Cole, Iaquinto and Peace ---------- Referred to Committee on Finance ----------

Be 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.

The provisions of this chapter shall be the sole authority for counties, cities and towns for the levying of the license taxes described 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. 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, wherever the term "gross receipts" is used, the term "Virginia taxable income" shall be substituted whenever a county, city or town selects it as the base on which to levy the license tax.