                                 CODE OF VIRGINIA

POWER TO COMPROMISE AND SETTLE; POWER TO WAIVE PENALTIES AND CHARGE OFF
DELINQUENT TAXES, ETC (§ 12.1-15)

The Commission shall have power and authority in any matter, claim, or charge
within its jurisdiction, under any provision of law heretofore or hereafter
enacted, to compromise or settle any matter, claim, or charge, either by or in a
formal proceeding, or informally, whether any proceeding shall have been
instituted or not. The Commission shall have the power and authority to dismiss
any proceeding which is pending and in which a compromise or settlement is
effected without making a formal record of such compromise or settlement, in its
sound judicial discretion. Any compromise or settlement may include provisions
for reimbursement to the Commission to defray the costs, or a portion thereof,
of any audit, investigation, or examination conducted.
		The power and authority of the Commission to make compromises and settlements
hereby conferred shall extend to its jurisdiction to impose fines and penalties
under any provision of law heretofore or hereafter enacted.
		Nothing herein contained, however, shall be construed to authorize or empower
the Commission to effect any compromise or settlement involving the payment of
money into the treasury without some record or memorandum of such compromise or
settlement in the clerk&#8217;s office of the Commission.
		The Commission shall have power and authority to waive the assessment of any
penalty or interest upon any tax or fee assessed by the Commission, and to abate
and exonerate any such penalty or interest, whether heretofore or hereafter
assessed, for providential or other good cause shown to the satisfaction of the
Commission, or in cases where the collection thereof cannot be economically
effected because the cost of collection exceeds the amount recoverable.
		The Commission shall have power and authority to charge off delinquent taxes
and registration fees on its books when the claims therefor are worthless or
cannot be economically collected, and shall notify the State Tax Commissioner
and the Comptroller of such action in such detail and at such times as they may
require. The Commission shall maintain records which indicate the reason for the
charge off for a period of three years.

HISTORY: Code 1950, § 12-20; 1971, Ex. Sess., c. 157; 1975, c. 236; 1991, c.
128.