                                 CODE OF VIRGINIA

TAX ON ADJUSTED GROSS REVENUE (§ 58.1-4037)

A. There shall be imposed a tax of 15 percent on a permit holder&#8217;s
adjusted gross revenue.

B. The tax imposed pursuant to this section is due monthly to the Department,
and the permit holder shall remit it on or before the twentieth day of the next
succeeding calendar month. If the permit holder&#8217;s accounting necessitates
corrections to a previously remitted tax, the permit holder shall document such
corrections when it pays the following month&#8217;s taxes.

C. If the permit holder&#8217;s adjusted gross revenue for a month is a negative
number, the permit holder may carry over the negative amount to a return filed
for a subsequent month and deduct such amount from its tax liability for such
month, provided that such amount shall not be carried over and deducted against
tax liability in any month that is more than 12 months later than the month in
which such amount was accrued.

HISTORY: 2020, cc. 1218, 1256.