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2026 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Mulchi
Dealer Discount Sales and Use Tax (language only)

Item 3-5.05 #1s

Item 3-5.05 #1s
Adjustments and Modifications to Tax Collections
Discounts and Allowances

Language

Page 593, after line 31, insert:

"D. Notwithstanding any other provision of law, effective beginning with the return for June 2026, due July 2026, the compensation allowed under § 58.1-622, Code of Virginia, shall be limited to the following percentages of the first three percent of the tax levied under §§ 58.1-603 and 58.1-604, Code of Virginia:


                    

                    

Monthly Taxable Sales

Percentage

$0 to $30,000

8.0%

$30,000 to $62,500

4.0%

$62,501 to $208,000 and above

1.2%

$208,001 and above

0.8%"

Explanation

(This amendment provides language allowing dealers to retain, as a deduction, from the first three percent of the state retail sales and use tax that the dealer accounts for in submitting the return and paying the amount due in the following percentages: 8.0 percent, if the monthly taxable sales of the dealer are $0 to $30,000; 4.0 percent, if the monthly taxable sales of the dealer are $30,000 to $62,500; 1.2 percent if the monthly taxable sales of the dealer are $62,501 to $208,000; and 0.8 percent if the monthly taxable sales of the dealer are $208,001 and above. This is effective with the June 2026 return due July 2026. This results in a negative general fund revenue impact, which is yet to be determined.)

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