                                 CODE OF VIRGINIA

WHEN TAXES NOT TO BE ASSESSED OR ASSESSED ONLY IN PART (§ 58.1-2664)

The Commission shall, in the performance of its function and duty in assessing
and levying the special regulatory revenue taxes provided for by this article,
omit the assessment and levy of any portion of such taxes as are unnecessary
within the Commission&#8217;s sole discretion for the accomplishment of the
objects for which the regulatory revenue taxes are imposed including a
reasonable margin in the nature of a reserve fund. The Tax Commissioner shall
annually certify to the Commission the amount needed to sufficiently compensate
that department for its estimated incremental costs to be incurred in the
discharge of its statutory duties to assess and collect state and local taxes
against railroad corporations. The persons and corporations upon whom such taxes
are imposed are relieved from liability for the payment of such regulatory
revenue taxes, except when, and to the extent that, the same have been assessed
and levied by the Commission, in accordance with the provisions of this article.

HISTORY: Code 1950, § 58-669; 1983, c. 570; 1984, c. 675.