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1994 SESSION

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SB 240 Taxation of wholesale merchants.

Introduced by: Warren E. Barry (by request) | all patrons    ...    notes | add to my profiles

SUMMARY:

Taxation of wholesale merchants. Permits localities to increase the wholesale merchant's tax rate to an amount not to exceed $0.50 per $100 of purchases on bulk petroleum storage facilities with a capacity of 100,000 gallons or more. The current rate limitation is $0.05 per $100. To the extent a locality utilizes this authority, increased collections attributable to the increased rate must be divided three ways: one-third to the local treasury, one-third to the general fund of the state treasury, and one-third to the Virginia Petroleum Storage Tank Fund.


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