Menu
2019 Session

Budget Bill - HB1700 (Introduced)

Discounts and Allowances

Item 3-5.07

Item 3-5.07

§ 3-5.07 DISCOUNTS AND ALLOWANCES


A. Notwithstanding any other provision of law, effective beginning with the return for June 2010, due July 2010, the compensation allowed under § 58.1-622, Code of Virginia, shall be suspended for any dealer required to remit the tax levied under §§ 58.1-603 and 58.1-604, Code of Virginia, by electronic funds transfer pursuant to § 58.1-202.1, Code of Virginia, and the compensation available to all other dealers 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 $62,500

1.6%

$62,501 to $208,000

1.2%

$208,001 and above

0.8%


B. Notwithstanding any other provision of law, effective beginning with the return for June 2010, due July 2010, the compensation available under §§ 58.1-642, 58.1-656, 58.1-1021.03, and 58.1-1730, Code of Virginia, shall be suspended.


C. Beginning with the return for June 2011, due July 2011, the compensation under § 58.1-1021.03 shall be reinstated.