{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-1403.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-1403.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-1403.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-1403.html"}],"law_id":86799,"edition_id":1,"section_id":86799,"structure_id":15296,"section_number":"58.1-1403","catch_line":"Basis of tax; estimate of tax; penalty for misrepresentation","history":"Code 1950, \u00a7\u00a7 58-685.44, 58-685.47; 1981, c. 405; 1984, c. 675.","full_text":"A\n\nThe Tax Commissioner shall assess and collect the tax for the use or sale of a watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon the basis of the sale price of such watercraft.\n\t\t\tAny person who sells a watercraft in this Commonwealth shall supply the buyer with an invoice, signed by the seller or his representative, which shall state the sale price of the watercraft. The buyer shall present such invoice to the Tax Commissioner with his return and payment of the tax.B\n\nThe Tax Commissioner shall assess and collect the tax on the lease or charter of a watercraft by a registered dealer on the basis of the gross receipts arising from all transactions pertaining to the lease, charter or other use of such watercraft during the preceding calendar month. The dealer shall submit a return to the Tax Commissioner showing the gross receipts arising from such transactions. The dealer shall remit with such return the amount of tax due.C\n\nIn any case where (i) the invoice is not available, (ii) the Tax Commissioner has reason to believe that an invoice or return does not reflect the true sales price, or (iii) the watercraft was purchased more than six months prior to its use or storage in the Commonwealth, the Tax Commissioner may assess the tax in accordance with such publications or other data as are customarily employed in ascertaining the maximum sale price of watercraft. Where the Tax Commissioner finds that a charge for the rental, lease, charter or use of watercraft has been lower than the fair market value of such use, the Tax Commissioner may estimate a fair price in accordance with the cost of the watercraft, the cost of maintenance, the normal rental value as shown in similar transactions, or other relevant data.\n\t\t\tAny person who knowingly misrepresents the value of a watercraft or the amount of tax due to the Tax Commissioner or any return or invoice shall be guilty of a Class 1 misdemeanor.","order_by":null,"text":{"0":{"id":310798,"text":"The Tax Commissioner shall assess and collect the tax for the use or sale of a watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon the basis of the sale price of such watercraft.\n\t\t\tAny person who sells a watercraft in this Commonwealth shall supply the buyer with an invoice, signed by the seller or his representative, which shall state the sale price of the watercraft. The buyer shall present such invoice to the Tax Commissioner with his return and payment of the tax.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":310799,"text":"The Tax Commissioner shall assess and collect the tax on the lease or charter of a watercraft by a registered dealer on the basis of the gross receipts arising from all transactions pertaining to the lease, charter or other use of such watercraft during the preceding calendar month. The dealer shall submit a return to the Tax Commissioner showing the gross receipts arising from such transactions. The dealer shall remit with such return the amount of tax due.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":310800,"text":"In any case where (i) the invoice is not available, (ii) the Tax Commissioner has reason to believe that an invoice or return does not reflect the true sales price, or (iii) the watercraft was purchased more than six months prior to its use or storage in the Commonwealth, the Tax Commissioner may assess the tax in accordance with such publications or other data as are customarily employed in ascertaining the maximum sale price of watercraft. Where the Tax Commissioner finds that a charge for the rental, lease, charter or use of watercraft has been lower than the fair market value of such use, the Tax Commissioner may estimate a fair price in accordance with the cost of the watercraft, the cost of maintenance, the normal rental value as shown in similar transactions, or other relevant data.\n\t\t\tAny person who knowingly misrepresents the value of a watercraft or the amount of tax due to the Tax Commissioner or any return or invoice shall be guilty of a Class 1 misdemeanor.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":15296,"edition_id":1,"name":"Virginia Watercraft Sales and Use Tax","identifier":"14","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:53:43","date_modified":"2026-06-26 03:53:43","permalink":{"id":252527,"object_type":"structure","relational_id":15296,"identifier":"14","token":"58.1\/I\/14","url":"\/58.1\/I\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":69754,"structure_id":15296,"section_number":"58.1-1400","catch_line":"Title","url":"\/58.1-1400\/","token":"58.1\/I\/14\/58.1-1400","metadata":false},{"id":58235,"structure_id":15296,"section_number":"58.1-1401","catch_line":"Definitions","url":"\/58.1-1401\/","token":"58.1\/I\/14\/58.1-1401","metadata":false},{"id":62307,"structure_id":15296,"section_number":"58.1-1401.1","catch_line":"When motor deemed a watercraft","url":"\/58.1-1401.1\/","token":"58.1\/I\/14\/58.1-1401.1","metadata":false},{"id":86634,"structure_id":15296,"section_number":"58.1-1402","catch_line":"Tax levied","url":"\/58.1-1402\/","token":"58.1\/I\/14\/58.1-1402","metadata":false},{"id":86799,"structure_id":15296,"section_number":"58.1-1403","catch_line":"Basis of tax; estimate of tax; penalty for misrepresentation","url":"\/58.1-1403\/","token":"58.1\/I\/14\/58.1-1403","metadata":false},{"id":77970,"structure_id":15296,"section_number":"58.1-1404","catch_line":"Exemptions","url":"\/58.1-1404\/","token":"58.1\/I\/14\/58.1-1404","metadata":false},{"id":86570,"structure_id":15296,"section_number":"58.1-1405","catch_line":"Time for payment of tax","url":"\/58.1-1405\/","token":"58.1\/I\/14\/58.1-1405","metadata":false},{"id":75272,"structure_id":15296,"section_number":"58.1-1406","catch_line":"Dealers' certificates of registration","url":"\/58.1-1406\/","token":"58.1\/I\/14\/58.1-1406","metadata":false},{"id":83789,"structure_id":15296,"section_number":"58.1-1407","catch_line":"Retention of documents","url":"\/58.1-1407\/","token":"58.1\/I\/14\/58.1-1407","metadata":false},{"id":76879,"structure_id":15296,"section_number":"58.1-1408","catch_line":"Civil penalties and interest","url":"\/58.1-1408\/","token":"58.1\/I\/14\/58.1-1408","metadata":false},{"id":65740,"structure_id":15296,"section_number":"58.1-1409","catch_line":"Credit against tax","url":"\/58.1-1409\/","token":"58.1\/I\/14\/58.1-1409","metadata":false},{"id":64640,"structure_id":15296,"section_number":"58.1-1410","catch_line":"Disposition of funds","url":"\/58.1-1410\/","token":"58.1\/I\/14\/58.1-1410","metadata":false}],"previous_section":{"id":86634,"structure_id":15296,"section_number":"58.1-1402","catch_line":"Tax levied","url":"\/58.1-1402\/","token":"58.1\/I\/14\/58.1-1402","metadata":false},"next_section":{"id":77970,"structure_id":15296,"section_number":"58.1-1404","catch_line":"Exemptions","url":"\/58.1-1404\/","token":"58.1\/I\/14\/58.1-1404","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-1403\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1981, chapter 405; in 1984, chapter 675.<\/p>","references":[{"id":58235,"section_number":"58.1-1401","catch_line":"Definitions","order_by":null,"url":"\/58.1-1401\/"},{"id":83789,"section_number":"58.1-1407","catch_line":"Retention of documents","order_by":null,"url":"\/58.1-1407\/"}],"refers_to":[{"id":86634,"section_number":"58.1-1402","catch_line":"Tax levied","order_by":null,"url":"\/58.1-1402\/"}],"permalink":{"id":252545,"object_type":"law","relational_id":86799,"identifier":"58.1-1403","token":"58.1\/I\/14\/58.1-1403","url":"\/58.1-1403\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-1403\/","token":"58.1\/I\/14\/58.1-1403","dublin_core":{"Title":"Basis of tax; estimate of tax; penalty for misrepresentation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-1403","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Tax Commissioner<\/span> shall assess and collect the tax for the use or sale of a watercraft<\/span> pursuant to subdivisions 1 and 2 of § 58.1-1402<\/a> upon the basis of the sale price<\/span> of such watercraft<\/span>.\n\t\t\tAny person who sells a watercraft<\/span> in this Commonwealth shall supply the buyer with an invoice, signed by the seller or his representative, which shall state the sale price<\/span> of the watercraft<\/span>. The buyer shall present such invoice to the Tax Commissioner<\/span> with his return and payment of the tax. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Tax Commissioner<\/span> shall assess and collect the tax on the lease or charter of a watercraft<\/span> by a registered dealer<\/span> on the basis of the gross receipts<\/span> arising from all transactions pertaining to the lease, charter or other use of such watercraft<\/span> during the preceding calendar month. The dealer<\/span> shall submit a return to the Tax Commissioner<\/span> showing the gross receipts<\/span> arising from such transactions. The dealer<\/span> shall remit with such return the amount of tax due. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In any case where (i) the invoice is not available, (ii) the Tax Commissioner<\/span> has reason to believe that an invoice or return does not reflect the true sales<\/span> price, or (iii) the watercraft<\/span> was purchased more than six months prior to its use or storage in the Commonwealth, the Tax Commissioner<\/span> may assess the tax in accordance with such publications or other data as are customarily employed in ascertaining the maximum sale price<\/span> of watercraft<\/span>. Where the Tax Commissioner<\/span> finds that a charge for the rental, lease, charter or use of watercraft<\/span> has been lower than the fair market value of such use, the Tax Commissioner<\/span> may estimate a fair price in accordance with the cost of the watercraft<\/span>, the cost of maintenance, the normal rental value as shown in similar transactions, or other relevant data.\n\t\t\tAny person who knowingly misrepresents the value of a watercraft<\/span> or the amount of tax due to the Tax Commissioner<\/span> or any return or invoice shall be guilty of a Class 1 misdemeanor<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBASIS OF TAX; ESTIMATE OF TAX; PENALTY FOR MISREPRESENTATION (\u00a7 58.1-1403)\n\nA. The Tax Commissioner shall assess and collect the tax for the use or sale of\na watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon the basis\nof the sale price of such watercraft.\n\t\t\tAny person who sells a watercraft in this Commonwealth shall supply the buyer\nwith an invoice, signed by the seller or his representative, which shall state\nthe sale price of the watercraft. The buyer shall present such invoice to the\nTax Commissioner with his return and payment of the tax.\n\nB. The Tax Commissioner shall assess and collect the tax on the lease or charter\nof a watercraft by a registered dealer on the basis of the gross receipts\narising from all transactions pertaining to the lease, charter or other use of\nsuch watercraft during the preceding calendar month. The dealer shall submit a\nreturn to the Tax Commissioner showing the gross receipts arising from such\ntransactions. The dealer shall remit with such return the amount of tax due.\n\nC. In any case where (i) the invoice is not available, (ii) the Tax Commissioner\nhas reason to believe that an invoice or return does not reflect the true sales\nprice, or (iii) the watercraft was purchased more than six months prior to its\nuse or storage in the Commonwealth, the Tax Commissioner may assess the tax in\naccordance with such publications or other data as are customarily employed in\nascertaining the maximum sale price of watercraft. Where the Tax Commissioner\nfinds that a charge for the rental, lease, charter or use of watercraft has been\nlower than the fair market value of such use, the Tax Commissioner may estimate\na fair price in accordance with the cost of the watercraft, the cost of\nmaintenance, the normal rental value as shown in similar transactions, or other\nrelevant data.\n\t\t\tAny person who knowingly misrepresents the value of a watercraft or the\namount of tax due to the Tax Commissioner or any return or invoice shall be\nguilty of a Class 1 misdemeanor.\n\nHISTORY: Code 1950, \u00a7\u00a7 58-685.44, 58-685.47; 1981, c. 405; 1984, c. 675.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}