§ 60.2-503 Authority to terminate elections
If any nonprofit organization is delinquent in making payments in lieu of taxes as required under subsection C of § 60.2-501, the Commission may terminate such organization’s election to make payments in lieu of taxes as of the beginning of the next taxable year, and such termination shall be effective for that and the next taxable year.
History
This law was first created in 1974. The record of its establishment is cataloged in chapter 466 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1974 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1981, chapters 248 and 252; in 1986, chapter 480.
1974, c. 466, § 60.1-89; 1981, cc. 248, 252; 1986, c. 480.