                                 CODE OF VIRGINIA

SALES INVOLVING TRADE-INS (§ 58.1-3734.1)

A. No locality shall assess omitted taxes against any motor vehicle dealer which
calculated its gross receipts for license tax purposes by excluding the value of
any vehicle accepted as a trade-in for periods of time prior to January 1, 1991,
unless such locality enforced the requirement that motor vehicle dealers include
the amount of a trade-in vehicle in gross receipts for periods prior to January
1, 1990.

B. Whenever a motor vehicle dealer accepts a trade-in as part of a sale of a
motor vehicle, the dealer&#8217;s gross receipts for license tax purposes shall
not include the amount of the trade-in.

HISTORY: 1990, c. 670.