                                 CODE OF VIRGINIA

SEPARATE CLASSIFICATION OF CERTAIN MERCHANTS&#8217; CAPITAL OF WHOLESALERS AND
RETAILERS (§ 58.1-3510.02)

Merchants&#8217; capital of (i) any wholesaler reported as inventory that is
located, and is normally located, in a structure that contains at least 100,000
square feet, with at least 100,000 square feet used solely to store such
inventory, and (ii) any retailer reported as inventory that is located, and is
normally located, in a structure that contains at least 200,000 square feet,
with at least 200,000 square feet used solely to store such inventory, shall
constitute a classification for local taxation separate from other
classifications of merchants&#8217; capital as defined in § 58.1-3510. The
governing body of any county, city, or town may levy a tax on such inventory at
different rates from the tax levied on other merchants&#8217; capital. The rates
of tax and the rates of assessment shall not exceed that applicable generally to
merchants&#8217; capital.

HISTORY: 2018, c. 23; 2020, c. 541.