                                 CODE OF VIRGINIA

TAX LEVIED (§ 58.1-1502)

There is hereby levied and imposed, in addition to all other taxes and fees of
every kind now imposed by law, a tax upon the retail sale of every aircraft sold
in the Commonwealth and upon the use in the Commonwealth of any aircraft
required to be licensed by the Department of Aviation pursuant to § 5.1-5. The
amount of the tax to be collected shall be determined by the application of the
following rate against the sale price or gross receipts:

1. Two percent of the sale price of each aircraft sold in the Commonwealth.

2. Two percent of the sale price of each aircraft not sold in the Commonwealth
but required to be licensed for use in the Commonwealth. However, if the
aircraft is licensed in the Commonwealth six months or more after its
acquisition, the tax shall be two percent of the market value of such aircraft
at the time it is licensed or two percent of the purchase price thereof,
whichever is lower.

3. Two percent of the monthly gross receipts from the lease, charter or other
use of any aircraft licensed for commercial use pursuant to &#xA7; 5.1-5 B and
held for sale by a dealer who has elected to be taxed under this paragraph as
provided in &#xA7; 58.1-1507.
			A transaction taxed under subdivision 1 shall not be taxed under subdivision
2, nor shall the same transaction be taxed more than once under either
subdivision.
			An aircraft subject to the tax under subdivision 3 shall be subject to the
tax under subdivision 1 or 2 immediately upon the revocation of the commercial
use license for such aircraft.

HISTORY: Code 1950, §§ 58-685.29, 58-685.30, 58-685.32; 1974, c. 431; 1975, c.
424; 1977, c. 396; 1980, cc. 109, 367; 1984, cc. 370, 675.