                                 CODE OF VIRGINIA

INCOME TAX PAID BY COMMERCIAL SPACEFLIGHT ENTITIES (§ 58.1-423)

A. Beginning July 1, 2011, and for fiscal years 2012, 2013, 2014, 2015, and
2016, the portion of the Virginia income tax net revenue generated by qualified
corporations or limited liability companies that is attributable to the sale of
commercial human spaceflights or commercial spaceflight training (regardless of
point of sale, or where space flight takes place), or is incidental to the sale
of commercial human spaceflights, shall be transferred to the Virginia
Commercial Space Flight Authority, established pursuant to Article 2 (&#xA7;
2.2-2201 et seq.) of Chapter 22 of Title 2.2. The Tax Commissioner shall make a
written certification to the Comptroller within 15 days of the close of each
calendar quarter providing an estimate of the portion of the Virginia income tax
net revenue generated during the calendar quarter by the qualified corporations
or limited liability companies that is attributable to the sale of commercial
human spaceflights or commercial spaceflight training or is incidental to the
sale of commercial human spaceflights. Not later than 30 days after the close of
each quarter, the Comptroller shall transfer to the Virginia Commercial Space
Flight Authority an amount from the general fund that is equal to the estimate
provided by the Tax Commissioner.

B. For purposes of this section, a qualified corporation or limited liability
company is a corporation or limited liability company that engages in commercial
human spaceflights or commercial spaceflight training.

HISTORY: 2011, c. 563; 2012, cc. 779, 817; 2015, c. 260.