                                 CODE OF VIRGINIA

LIMITATION ON GROSS RECEIPTS OF SECURITY BROKERS AND DEALERS (§ 58.1-3732.5)

Gross receipts of a security broker or security dealer for license tax purposes
under this chapter shall not include amounts received by the broker or dealer
that arise from the sale or purchase of a security to the extent that such
amounts are paid to an independent registered representative as a commission on
any sale or purchase of a security. The broker or dealer claiming the exclusion
shall identify on the person&#8217;s license application each independent
registered representative to whom the excluded receipts have been paid and, if
applicable, the jurisdictions in the Commonwealth of Virginia to which the
independent registered representative is subject to business license taxes.

HISTORY: 2010, cc. 195, 283.