58.1-1502 - Tax levied.
§ 58.1-1502. Tax levied.
There is hereby levied and imposed, in addition to all other taxes and feesof every kind now imposed by law, a tax upon the retail sale of everyaircraft sold in the Commonwealth and upon the use in the Commonwealth of anyaircraft required to be licensed by the Department of Aviation pursuant to §5.1-5. The amount of the tax to be collected shall be determined by theapplication of the following rate against the sale price or gross receipts:
1. Two percent of the sale price of each aircraft sold in the Commonwealth.
2. Two percent of the sale price of each aircraft not sold in theCommonwealth but required to be licensed for use in the Commonwealth.However, if the aircraft is licensed in the Commonwealth six months or moreafter its acquisition, the tax shall be two percent of the market value ofsuch aircraft at the time it is licensed or two percent of the purchase pricethereof, whichever is lower.
3. Two percent of the monthly gross receipts from the lease, charter or otheruse of any aircraft licensed for commercial use pursuant to § 5.1-5 (b) andheld for sale by a dealer who has elected to be taxed under this paragraph asprovided in § 58.1-1507.
A transaction taxed under subdivision 1 shall not be taxed under subdivision2, nor shall the same transaction be taxed more than once under eithersubdivision.
An aircraft subject to the tax under subdivision 3 shall be subject to thetax under subdivision 1 or 2 immediately upon the revocation of thecommercial use license for such aircraft.
(Code 1950, §§ 58-685.29, 58-685.30, 58-685.32; 1974, c. 431; 1975, c. 424;1977, c. 396; 1980, cc. 109, 367; 1984, cc. 370, 675.)