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2016 SESSION
16101358DBe it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 58.1-1817.1 as follows:
§ 58.1-1817.1. Waiver of tax penalties for small businesses.
As used in this section, "small business" means
an independently owned and operated business that has been organized pursuant
to Virginia law or maintains a principal place of business in Virginia and has [ 250
10 ] or fewer employees in its
base year.
Any [ tax penalties
authorized under this title penalties related
to taxes administered by the Department ] shall be waived
for a small business during its first two years of operation, provided that
such small business enters into an agreement pursuant to § 58.1-1817.