58.1-622 - Discount.
§ 58.1-622. Discount.
For the purpose of compensating a dealer holding a certificate ofregistration under § 58.1-613 for accounting for and remitting the tax leviedby this chapter, such dealer shall be allowed the following percentages ofthe first three percent of the tax levied by §§ 58.1-603 and 58.1-604 andaccounted for in the form of a deduction in submitting his return and payingthe amount due by him if the amount due was not delinquent at the time ofpayment.
Monthly Taxable Sales Percentage
$ 0 to $62,500 4%
$ 62,501 to $208,000 3%
$ 208,001 and above 2%
The discount allowed by this section shall be computed according to theschedule provided, regardless of the number of certificates of registrationheld by a dealer.
(Code 1950, § 58.441.25; 1966, c. 151; 1984, c. 675; 1986, Sp. Sess., c. 12;1989, c. 469; 2008, c. 488.)