                                 CODE OF VIRGINIA

COMPUTATION OF REVENUE TAX ON RAILROADS (§ 58.1-2662)

The special regulatory revenue tax levied pursuant to § 58.1-2660 shall be
based upon the gross transportation receipts of each railroad for the year
ending December 31 preceding, to be ascertained in the following manner:

1. When the road of the corporation lies wholly within the Commonwealth, the tax
shall be based upon the entire gross transportation receipts of such
corporation.

2. When the road of the corporation lies partly within and partly without the
Commonwealth, or is operated as a part of a line or system extending beyond the
Commonwealth, the tax shall be based upon the gross transportation receipts
earned within the Commonwealth, to be determined by ascertaining the average
gross transportation receipts per mile over its whole extent within and without
the Commonwealth and multiplying the result by the number of miles operated
within the Commonwealth. From the sum so ascertained there may be deducted a
reasonable sum due to any excess of value of the terminal facilities or other
similar advantages situated in other states over similar facilities or
advantages situated in the Commonwealth.

HISTORY: Code 1950, § 58-664; 1970, c. 773; 1979, c. 443; 1980, c. 282; 1982,
c. 62; 1983, c. 547; 1984, c. 675.