                                 CODE OF VIRGINIA

ANNUAL STATE LICENSE TAX ON COMPANIES FURNISHING WATER, HEAT, LIGHT OR POWER (§
58.1-2626)

A. Every corporation doing in the Commonwealth the business of furnishing water,
heat, light or power, whether by means of gas or steam, except (i) a pipeline
transmission company taxed pursuant to &#xA7; 58.1-2627.1, (ii) a pipeline
distribution company as defined in &#xA7; 58.1-2600 and a gas utility and a gas
supplier as defined in &#xA7; 58.1-400.2, or (iii) an electric supplier as
defined in &#xA7; 58.1-400.2, shall, for the privilege of doing business within
the Commonwealth, pay to the Commonwealth for each tax year an annual license
tax equal to two percent of its gross receipts, actually received, from all
sources.

B. The state license tax provided in subsection A shall be (i) in lieu of all
other state license or franchise taxes on such corporation, and (ii) in lieu of
any tax upon the shares of stock issued by it.

C. Nothing herein contained shall exempt such corporation from motor vehicle
license taxes, motor vehicle fuel taxes, fees required by &#xA7; 13.1-775.1 or
from assessments for street and other local improvements, which shall be
authorized by law, nor from the county, city, town, district or road levies.

D. Nothing herein contained shall annul or interfere with any contract or
agreement by ordinance between such corporations and cities and towns as to
compensation for the use of the streets or alleys by such corporations.

HISTORY: Code 1950, § 58-603; 1971, Ex. Sess., c. 41; 1972, c. 858; 1976, c.
778; 1978, c. 786; 1980, c. 668; 1982, c. 633; 1984, c. 675; 1985, c. 31; 1987,
cc. 320, 364; 1999, c. 971; 2000, cc. 691, 706.