58.1-2690 - No state or local tax on intangible personal property or money; local levies and license taxes.
§ 58.1-2690. No state or local tax on intangible personal property or money;local levies and license taxes.
A. Except as provided in this chapter, there shall be no state or local taxesassessed on the intangible personal property, gross receipts or other suchmoney or income owned by telephone or telegraph companies, railroads,pipeline companies, or corporations furnishing water, heat, light and powerby means of electricity, gas or steam.
B. On the real estate and tangible personal property of every incorporatedtelegraph and telephone company owning or operating telegraph or telephonelines in Virginia and of railroads, pipeline companies, or corporationsfurnishing water, heat, light and power by means of electricity, gas orsteam, there shall be local levies at the rates prescribed by § 58.1-2606.
C. Notwithstanding the provisions of subsection A, any county, city or townmay impose a license tax under § 58.1-3703 upon a corporation owning oroperating telegraph or telephone lines in Virginia for the privilege of doingbusiness therein, which shall not exceed one-half of one percent of the grossreceipts of such business accruing to such corporation from such business insuch county, city or town; however, charges for long distance telephone callsshall not be considered receipts of business in such county, city or town.
D. Notwithstanding the provisions of subsection A, any county, city or townmay impose an excise tax under § 58.1-3818.3 upon a corporation owning oroperating telegraph or telephone lines in Virginia, at a rate that shall notexceed the rate lawfully imposed by § 58.1-3818.3, on such corporation'sgross receipts from sales of video programming or access to video programmingdirectly to end-user subscribers who are located within such county, city ortown.
(Code 1950, §§ 58-518, 58-523, 58-578, 58-593, 58-596, 58-602, 58-606; 1968,c. 637; 1972, cc. 813, 858; 1978, c. 784; 1984, c. 675; 1995, c. 751.)