                                 CODE OF VIRGINIA

TAXES (§ 13.1-341)

Nothing in this article shall be construed as exempting any association from the
payment of license, income, property or other taxes, state and local; and the
designation of any such association in this article as nonprofit shall not be
construed as exempting it from state income taxation, notwithstanding any other
provision of law. For the privilege of storing or marketing agricultural
products, an association shall, however, pay only an annual license fee of ten
dollars which shall be in lieu of all other corporation, franchise and income
taxes, taxes on capital, taxes and charges upon reserves held by the
association, and all state and local license taxes on that part of its business
which is solely and exclusively the storing or marketing of agricultural
products. Marketing of agricultural products shall include the functions
involved in transferring title and in moving goods from producer to consumer,
including buying, selling, processing, packing, storing, transporting,
standardizing, financing, risk bearing and supplying market information.

HISTORY: Code 1950, § 13-291; 1956, c. 428; 1982, c. 266.