No tax levied pursuant to §§ 58.1-400, 58.1-400.1 or § 58.1-400.2 is imposedon:
1. A public service corporation to the extent such corporation is subject tothe license tax on gross receipts contained in Chapter 26 (§ 58.1-2600 etseq.) of this title;
2. Insurance companies to the extent such company is subject to the licensetax on gross premiums under Chapter 25 (§ 58.1-2500 et seq.) of this titleand reciprocal or interinsurance exchanges which pay a premium tax to theCommonwealth as provided by law;
3. State and national banks, banking associations and trust companies to theextent such companies are subject to the bank franchise tax on net capital;
3a. Credit unions organized and conducted as such under the laws of theCommonwealth or under the laws of the United States;
4. Electing small business corporations (S corporations);
5. Religious, educational, benevolent and other corporations not organized orconducted for pecuniary profit which by reason of their purposes oractivities are exempt from income tax under the laws of the United States,except those organizations which have unrelated business income or othertaxable income under such laws, except as provided in § 58.1-400.2;
6. Telephone companies chartered in the Commonwealth which are exclusively alocal mutual association and are not designated to accumulate profits for thebenefit of, or to pay dividends to, the stockholders or members thereof;
7. A corporation that has contracted with a commercial printer for printingand that is not otherwise taxable shall not become taxable by reason of: (i)the ownership or leasing by that corporation of tangible personal propertylocated at the Virginia premises of the commercial printer and used solely inconnection with the printing contract with such person; (ii) the sale by thatcorporation at another location of property of any kind printed at andshipped or distributed from the Virginia premises of the commercial printer;(iii) the activities in connection with the printing contract with suchperson of any kind performed by or on behalf of that corporation at theVirginia premises of the commercial printer; and (iv) the activities inconnection with the printing contract with such person performed by thecommercial printer for or on behalf of that corporation; and
8. Foreign sales corporations (FSC) and any income attributable to an FSCunder the rules relating to the taxation of an FSC in Part III, Subpart C ofthe Internal Revenue Code (§ 921 et seq.) and the regulations thereunder.
(Code 1950, § 58-151.03; 1971, Ex. Sess., c. 171; 1972, c. 310; 1978, cc.159, 796; 1981, c. 402; 1984, c. 675; 1985, c. 221; 1987, c. 484; 1988, cc.581, 899; 1995, cc. 422, 472; 1999, c. 971.)
No tax levied pursuant to §§ 58.1-400, 58.1-400.1 or § 58.1-400.2 is imposedon:
1. A public service corporation to the extent such corporation is subject tothe license tax on gross receipts contained in Chapter 26 (§ 58.1-2600 etseq.) of this title;
2. Insurance companies to the extent such company is subject to the licensetax on gross premiums under Chapter 25 (§ 58.1-2500 et seq.) of this titleand reciprocal or interinsurance exchanges which pay a premium tax to theCommonwealth as provided by law;
3. State and national banks, banking associations and trust companies to theextent such companies are subject to the bank franchise tax on net capital;
3a. Credit unions organized and conducted as such under the laws of theCommonwealth or under the laws of the United States;
4. Electing small business corporations (S corporations);
5. Religious, educational, benevolent and other corporations not organized orconducted for pecuniary profit which by reason of their purposes oractivities are exempt from income tax under the laws of the United States,except those organizations which have unrelated business income or othertaxable income under such laws, except as provided in § 58.1-400.2;
6. Telephone companies chartered in the Commonwealth which are exclusively alocal mutual association and are not designated to accumulate profits for thebenefit of, or to pay dividends to, the stockholders or members thereof;
7. A corporation that has contracted with a commercial printer for printingand that is not otherwise taxable shall not become taxable by reason of: (i)the ownership or leasing by that corporation of tangible personal propertylocated at the Virginia premises of the commercial printer and used solely inconnection with the printing contract with such person; (ii) the sale by thatcorporation at another location of property of any kind printed at andshipped or distributed from the Virginia premises of the commercial printer;(iii) the activities in connection with the printing contract with suchperson of any kind performed by or on behalf of that corporation at theVirginia premises of the commercial printer; and (iv) the activities inconnection with the printing contract with such person performed by thecommercial printer for or on behalf of that corporation; and
8. Foreign sales corporations (FSC) and any income attributable to an FSCunder the rules relating to the taxation of an FSC in Part III, Subpart C ofthe Internal Revenue Code (§ 921 et seq.) and the regulations thereunder.
(Code 1950, § 58-151.03; 1971, Ex. Sess., c. 171; 1972, c. 310; 1978, cc.159, 796; 1981, c. 402; 1984, c. 675; 1985, c. 221; 1987, c. 484; 1988, cc.581, 899; 1995, cc. 422, 472; 1999, c. 971.)
No tax levied pursuant to §§ 58.1-400, 58.1-400.1 or § 58.1-400.2 is imposedon:
1. A public service corporation to the extent such corporation is subject tothe license tax on gross receipts contained in Chapter 26 (§ 58.1-2600 etseq.) of this title;
2. Insurance companies to the extent such company is subject to the licensetax on gross premiums under Chapter 25 (§ 58.1-2500 et seq.) of this titleand reciprocal or interinsurance exchanges which pay a premium tax to theCommonwealth as provided by law;
3. State and national banks, banking associations and trust companies to theextent such companies are subject to the bank franchise tax on net capital;
3a. Credit unions organized and conducted as such under the laws of theCommonwealth or under the laws of the United States;
4. Electing small business corporations (S corporations);
5. Religious, educational, benevolent and other corporations not organized orconducted for pecuniary profit which by reason of their purposes oractivities are exempt from income tax under the laws of the United States,except those organizations which have unrelated business income or othertaxable income under such laws, except as provided in § 58.1-400.2;
6. Telephone companies chartered in the Commonwealth which are exclusively alocal mutual association and are not designated to accumulate profits for thebenefit of, or to pay dividends to, the stockholders or members thereof;
7. A corporation that has contracted with a commercial printer for printingand that is not otherwise taxable shall not become taxable by reason of: (i)the ownership or leasing by that corporation of tangible personal propertylocated at the Virginia premises of the commercial printer and used solely inconnection with the printing contract with such person; (ii) the sale by thatcorporation at another location of property of any kind printed at andshipped or distributed from the Virginia premises of the commercial printer;(iii) the activities in connection with the printing contract with suchperson of any kind performed by or on behalf of that corporation at theVirginia premises of the commercial printer; and (iv) the activities inconnection with the printing contract with such person performed by thecommercial printer for or on behalf of that corporation; and
8. Foreign sales corporations (FSC) and any income attributable to an FSCunder the rules relating to the taxation of an FSC in Part III, Subpart C ofthe Internal Revenue Code (§ 921 et seq.) and the regulations thereunder.
(Code 1950, § 58-151.03; 1971, Ex. Sess., c. 171; 1972, c. 310; 1978, cc.159, 796; 1981, c. 402; 1984, c. 675; 1985, c. 221; 1987, c. 484; 1988, cc.581, 899; 1995, cc. 422, 472; 1999, c. 971.)
