A. To the extent of the one-half percent increase in the state sales and usetax rate effective August 1, 2004, enacted by the 2004 Special Session I ofthe Virginia General Assembly, the Tax Commissioner, upon application of thepurchaser in accordance with regulations promulgated by the Commissioner,shall have the authority to refund state sales or use taxes paid on purchasesof tangible personal property made pursuant to bona fide real estateconstruction contracts, contracts for the sale of tangible personal property,and leases, provided that the real estate construction contract, contract forthe sale of tangible personal property or lease is entered into prior to thedate of enactment of such increase in the state sales and use tax rate; andfurther provided that the date of delivery of the tangible personal propertyis on or before October 31, 2004. The term "bona fide contract," when usedin this section in relation to real estate construction contracts, shallinclude but not be limited to those contracts which are entered into prior tothe enactment of such increase in the state sales and use tax rate, providedthat such contracts include plans and specifications.
B. Notwithstanding the foregoing October 31, 2004, delivery date requirement,with respect to bona fide real estate construction contracts which contain aspecific and stated date of completion, the date of delivery of such tangiblepersonal property shall be on or before the completion date of the applicableproject.
C. Applications for refunds pursuant to this section shall be made inaccordance with the provisions of § 58.1-1823. Interest computed inaccordance with § 58.1-1833 shall be added to the tax refunded pursuant tothis section.
(1986, Sp. Sess., c. 12; 2004, Sp. Sess. I, c. 3.)
A. To the extent of the one-half percent increase in the state sales and usetax rate effective August 1, 2004, enacted by the 2004 Special Session I ofthe Virginia General Assembly, the Tax Commissioner, upon application of thepurchaser in accordance with regulations promulgated by the Commissioner,shall have the authority to refund state sales or use taxes paid on purchasesof tangible personal property made pursuant to bona fide real estateconstruction contracts, contracts for the sale of tangible personal property,and leases, provided that the real estate construction contract, contract forthe sale of tangible personal property or lease is entered into prior to thedate of enactment of such increase in the state sales and use tax rate; andfurther provided that the date of delivery of the tangible personal propertyis on or before October 31, 2004. The term "bona fide contract," when usedin this section in relation to real estate construction contracts, shallinclude but not be limited to those contracts which are entered into prior tothe enactment of such increase in the state sales and use tax rate, providedthat such contracts include plans and specifications.
B. Notwithstanding the foregoing October 31, 2004, delivery date requirement,with respect to bona fide real estate construction contracts which contain aspecific and stated date of completion, the date of delivery of such tangiblepersonal property shall be on or before the completion date of the applicableproject.
C. Applications for refunds pursuant to this section shall be made inaccordance with the provisions of § 58.1-1823. Interest computed inaccordance with § 58.1-1833 shall be added to the tax refunded pursuant tothis section.
(1986, Sp. Sess., c. 12; 2004, Sp. Sess. I, c. 3.)
A. To the extent of the one-half percent increase in the state sales and usetax rate effective August 1, 2004, enacted by the 2004 Special Session I ofthe Virginia General Assembly, the Tax Commissioner, upon application of thepurchaser in accordance with regulations promulgated by the Commissioner,shall have the authority to refund state sales or use taxes paid on purchasesof tangible personal property made pursuant to bona fide real estateconstruction contracts, contracts for the sale of tangible personal property,and leases, provided that the real estate construction contract, contract forthe sale of tangible personal property or lease is entered into prior to thedate of enactment of such increase in the state sales and use tax rate; andfurther provided that the date of delivery of the tangible personal propertyis on or before October 31, 2004. The term "bona fide contract," when usedin this section in relation to real estate construction contracts, shallinclude but not be limited to those contracts which are entered into prior tothe enactment of such increase in the state sales and use tax rate, providedthat such contracts include plans and specifications.
B. Notwithstanding the foregoing October 31, 2004, delivery date requirement,with respect to bona fide real estate construction contracts which contain aspecific and stated date of completion, the date of delivery of such tangiblepersonal property shall be on or before the completion date of the applicableproject.
C. Applications for refunds pursuant to this section shall be made inaccordance with the provisions of § 58.1-1823. Interest computed inaccordance with § 58.1-1833 shall be added to the tax refunded pursuant tothis section.
(1986, Sp. Sess., c. 12; 2004, Sp. Sess. I, c. 3.)
