                                 CODE OF VIRGINIA

CREDIT AGAINST TAX (§ 58.1-1504)

A credit shall be granted against the tax imposed by this chapter with respect
to a person&#8217;s use in this Commonwealth of an aircraft purchased by him in
another state, or assembled by him from component parts on which Virginia retail
sales or use tax was paid. The amount of the credit shall be equal to the tax
paid by him to another state by reason of the imposition of a similar tax on his
purchase or use of the property or the amount of Virginia retail sales and use
tax paid on the component parts of such assembled aircraft. The amount of the
credit shall not exceed the tax imposed by this chapter.

HISTORY: Code 1950, § 58-685.37; 1974, c. 431; 1984, cc. 547, 675.