A. Every pipeline transmission company shall pay to the Department on itsallocated and apportioned net taxable income, in lieu of a license tax, thetax levied pursuant to Chapter 3 (§ 58.1-300 et seq.) (State Income Tax) ofthis title. There shall be deducted from such allocated and apportioned netincome an amount equal to the percentage that gross profit (operatingrevenues less cost of purchased gas) derived from sales in this Commonwealthfor consumption by the purchaser of natural or manufactured gas is of thetotal gross profit in the Commonwealth of the taxpayer.
B. The annual report of such company required pursuant to § 58.1-2628 shallbe made to the Department, on forms prepared and furnished by the Department,if the company is a pipeline transmission company or to the Commission if apipeline distribution company. The Department shall assess the value of theproperty of each pipeline transmission company and the Commission shallassess the value of the property of each pipeline distribution company. Theapplicable county, city, town and magisterial district property levies shallattach thereto. The powers and duties granted to the Commission by §§58.1-2633 B and C and 58.1-2634 shall apply mutatis mutandis to theDepartment.
C. A company liable for the license tax under subsection A shall not beliable for the tax imposed by Chapter 28 (§ 58.1-2814 et seq.) of this title.
D. When a company qualifies as both a pipeline transmission company and apipeline distribution company, it shall for property tax valuation purposesbe considered a pipeline distribution company.
(Code 1950, §§ 58-588, 58-590, 58-597; 1956, c. 69; 1964, c. 217; 1968, c.637; 1971, Ex. Sess., c. 1; 1972, c. 813; 1980, cc. 82, 371; 1983, c. 570;1984, c. 675; 2000, cc. 691, 706.)
A. Every pipeline transmission company shall pay to the Department on itsallocated and apportioned net taxable income, in lieu of a license tax, thetax levied pursuant to Chapter 3 (§ 58.1-300 et seq.) (State Income Tax) ofthis title. There shall be deducted from such allocated and apportioned netincome an amount equal to the percentage that gross profit (operatingrevenues less cost of purchased gas) derived from sales in this Commonwealthfor consumption by the purchaser of natural or manufactured gas is of thetotal gross profit in the Commonwealth of the taxpayer.
B. The annual report of such company required pursuant to § 58.1-2628 shallbe made to the Department, on forms prepared and furnished by the Department,if the company is a pipeline transmission company or to the Commission if apipeline distribution company. The Department shall assess the value of theproperty of each pipeline transmission company and the Commission shallassess the value of the property of each pipeline distribution company. Theapplicable county, city, town and magisterial district property levies shallattach thereto. The powers and duties granted to the Commission by §§58.1-2633 B and C and 58.1-2634 shall apply mutatis mutandis to theDepartment.
C. A company liable for the license tax under subsection A shall not beliable for the tax imposed by Chapter 28 (§ 58.1-2814 et seq.) of this title.
D. When a company qualifies as both a pipeline transmission company and apipeline distribution company, it shall for property tax valuation purposesbe considered a pipeline distribution company.
(Code 1950, §§ 58-588, 58-590, 58-597; 1956, c. 69; 1964, c. 217; 1968, c.637; 1971, Ex. Sess., c. 1; 1972, c. 813; 1980, cc. 82, 371; 1983, c. 570;1984, c. 675; 2000, cc. 691, 706.)
A. Every pipeline transmission company shall pay to the Department on itsallocated and apportioned net taxable income, in lieu of a license tax, thetax levied pursuant to Chapter 3 (§ 58.1-300 et seq.) (State Income Tax) ofthis title. There shall be deducted from such allocated and apportioned netincome an amount equal to the percentage that gross profit (operatingrevenues less cost of purchased gas) derived from sales in this Commonwealthfor consumption by the purchaser of natural or manufactured gas is of thetotal gross profit in the Commonwealth of the taxpayer.
B. The annual report of such company required pursuant to § 58.1-2628 shallbe made to the Department, on forms prepared and furnished by the Department,if the company is a pipeline transmission company or to the Commission if apipeline distribution company. The Department shall assess the value of theproperty of each pipeline transmission company and the Commission shallassess the value of the property of each pipeline distribution company. Theapplicable county, city, town and magisterial district property levies shallattach thereto. The powers and duties granted to the Commission by §§58.1-2633 B and C and 58.1-2634 shall apply mutatis mutandis to theDepartment.
C. A company liable for the license tax under subsection A shall not beliable for the tax imposed by Chapter 28 (§ 58.1-2814 et seq.) of this title.
D. When a company qualifies as both a pipeline transmission company and apipeline distribution company, it shall for property tax valuation purposesbe considered a pipeline distribution company.
(Code 1950, §§ 58-588, 58-590, 58-597; 1956, c. 69; 1964, c. 217; 1968, c.637; 1971, Ex. Sess., c. 1; 1972, c. 813; 1980, cc. 82, 371; 1983, c. 570;1984, c. 675; 2000, cc. 691, 706.)
