A. The subjects of taxation classified by this section are hereby defined asintangible personal property:
1. Capital which is inventory, except wine while in the hands of a farmwinery producer as defined in § 4.1-100, merchandise located in a foreigntrade zone as defined in subdivision 7 of this subsection and anyagricultural product held in this Commonwealth by any manufacturer formanufacturing or processing which is of such nature as customarily requiresstorage and processing for periods of more than one year in order to age orcondition such product for manufacture. Such agricultural product shall beincludible in inventory for one tax year only and after being taxed for oneyear shall thereafter be excluded for all succeeding tax years;
2. Capital which is personal property, tangible in fact, used inmanufacturing (including, but not limited to, furniture, fixtures, officeequipment and computer equipment used in corporate headquarters), mining,water well drilling, radio or television broadcasting, dairy, dry cleaning orlaundry businesses. Machinery and tools, motor vehicles and deliveryequipment of such businesses shall not be defined as intangible personalproperty for purposes of this chapter and shall be taxed locally as tangiblepersonal property according to the applicable provisions of law relative tosuch property;
2a. Personal property, tangible in fact, used in cable television businesses.Machines and tools, motor vehicles, delivery equipment, trunk and feedercables, studio equipment, antennae and office furniture and equipment of suchbusinesses shall not be defined as intangible personal property for purposesof this chapter and shall be taxed locally as tangible personal propertyaccording to the applicable provisions of law relative to such property;
3. Money;
4. Bonds, notes, and other evidences of debt; demands and claims;
5. Shares of stock;
6. Accounts receivable;
7. All imported and exported foreign merchandise or domestic merchandisescheduled for export while in inventory located in a foreign trade zonewithin the Commonwealth;
8. Computer application software, except computer application software whichis inventory as defined in subdivision 1 of this subsection, is defined ascomputer instructions, in any form, which are designed to be read by acomputer and to enable it to perform specific operations with data orinformation stored by the computer; and
9. Capital which is personal property, tangible in fact, used in commercialfishing businesses, and used in the water to catch or harvest seafood,including but not limited to crab pots, nets, tongs, and dredge equipment.Fishing vessels and property permanently attached to such vessels shall notbe defined as intangible personal property for purposes of this chapter andshall be taxed locally as tangible personal property according to theapplicable provisions of law relative to such property.
B. [Repealed.]
C. The subjects of intangible personal property set forth in subdivisions 1through 9 of subsection A shall be exempt from taxation as provided inArticle X, Section 6 (a) (5) of the Constitution of Virginia.
(Code 1950, § 58-405; 1981, c. 145; 1982, c. 633; 1983, cc. 552, 555; 1984,cc. 150, 171, 675, 680, 692, 729; 1993, c. 866; 1996, c. 622; 1999, c. 396;2000, c. 472.)
A. The subjects of taxation classified by this section are hereby defined asintangible personal property:
1. Capital which is inventory, except wine while in the hands of a farmwinery producer as defined in § 4.1-100, merchandise located in a foreigntrade zone as defined in subdivision 7 of this subsection and anyagricultural product held in this Commonwealth by any manufacturer formanufacturing or processing which is of such nature as customarily requiresstorage and processing for periods of more than one year in order to age orcondition such product for manufacture. Such agricultural product shall beincludible in inventory for one tax year only and after being taxed for oneyear shall thereafter be excluded for all succeeding tax years;
2. Capital which is personal property, tangible in fact, used inmanufacturing (including, but not limited to, furniture, fixtures, officeequipment and computer equipment used in corporate headquarters), mining,water well drilling, radio or television broadcasting, dairy, dry cleaning orlaundry businesses. Machinery and tools, motor vehicles and deliveryequipment of such businesses shall not be defined as intangible personalproperty for purposes of this chapter and shall be taxed locally as tangiblepersonal property according to the applicable provisions of law relative tosuch property;
2a. Personal property, tangible in fact, used in cable television businesses.Machines and tools, motor vehicles, delivery equipment, trunk and feedercables, studio equipment, antennae and office furniture and equipment of suchbusinesses shall not be defined as intangible personal property for purposesof this chapter and shall be taxed locally as tangible personal propertyaccording to the applicable provisions of law relative to such property;
3. Money;
4. Bonds, notes, and other evidences of debt; demands and claims;
5. Shares of stock;
6. Accounts receivable;
7. All imported and exported foreign merchandise or domestic merchandisescheduled for export while in inventory located in a foreign trade zonewithin the Commonwealth;
8. Computer application software, except computer application software whichis inventory as defined in subdivision 1 of this subsection, is defined ascomputer instructions, in any form, which are designed to be read by acomputer and to enable it to perform specific operations with data orinformation stored by the computer; and
9. Capital which is personal property, tangible in fact, used in commercialfishing businesses, and used in the water to catch or harvest seafood,including but not limited to crab pots, nets, tongs, and dredge equipment.Fishing vessels and property permanently attached to such vessels shall notbe defined as intangible personal property for purposes of this chapter andshall be taxed locally as tangible personal property according to theapplicable provisions of law relative to such property.
B. [Repealed.]
C. The subjects of intangible personal property set forth in subdivisions 1through 9 of subsection A shall be exempt from taxation as provided inArticle X, Section 6 (a) (5) of the Constitution of Virginia.
(Code 1950, § 58-405; 1981, c. 145; 1982, c. 633; 1983, cc. 552, 555; 1984,cc. 150, 171, 675, 680, 692, 729; 1993, c. 866; 1996, c. 622; 1999, c. 396;2000, c. 472.)
A. The subjects of taxation classified by this section are hereby defined asintangible personal property:
1. Capital which is inventory, except wine while in the hands of a farmwinery producer as defined in § 4.1-100, merchandise located in a foreigntrade zone as defined in subdivision 7 of this subsection and anyagricultural product held in this Commonwealth by any manufacturer formanufacturing or processing which is of such nature as customarily requiresstorage and processing for periods of more than one year in order to age orcondition such product for manufacture. Such agricultural product shall beincludible in inventory for one tax year only and after being taxed for oneyear shall thereafter be excluded for all succeeding tax years;
2. Capital which is personal property, tangible in fact, used inmanufacturing (including, but not limited to, furniture, fixtures, officeequipment and computer equipment used in corporate headquarters), mining,water well drilling, radio or television broadcasting, dairy, dry cleaning orlaundry businesses. Machinery and tools, motor vehicles and deliveryequipment of such businesses shall not be defined as intangible personalproperty for purposes of this chapter and shall be taxed locally as tangiblepersonal property according to the applicable provisions of law relative tosuch property;
2a. Personal property, tangible in fact, used in cable television businesses.Machines and tools, motor vehicles, delivery equipment, trunk and feedercables, studio equipment, antennae and office furniture and equipment of suchbusinesses shall not be defined as intangible personal property for purposesof this chapter and shall be taxed locally as tangible personal propertyaccording to the applicable provisions of law relative to such property;
3. Money;
4. Bonds, notes, and other evidences of debt; demands and claims;
5. Shares of stock;
6. Accounts receivable;
7. All imported and exported foreign merchandise or domestic merchandisescheduled for export while in inventory located in a foreign trade zonewithin the Commonwealth;
8. Computer application software, except computer application software whichis inventory as defined in subdivision 1 of this subsection, is defined ascomputer instructions, in any form, which are designed to be read by acomputer and to enable it to perform specific operations with data orinformation stored by the computer; and
9. Capital which is personal property, tangible in fact, used in commercialfishing businesses, and used in the water to catch or harvest seafood,including but not limited to crab pots, nets, tongs, and dredge equipment.Fishing vessels and property permanently attached to such vessels shall notbe defined as intangible personal property for purposes of this chapter andshall be taxed locally as tangible personal property according to theapplicable provisions of law relative to such property.
B. [Repealed.]
C. The subjects of intangible personal property set forth in subdivisions 1through 9 of subsection A shall be exempt from taxation as provided inArticle X, Section 6 (a) (5) of the Constitution of Virginia.
(Code 1950, § 58-405; 1981, c. 145; 1982, c. 633; 1983, cc. 552, 555; 1984,cc. 150, 171, 675, 680, 692, 729; 1993, c. 866; 1996, c. 622; 1999, c. 396;2000, c. 472.)
