§ 58.1-1103. Exempt professions and businesses; how property used therein taxable
Section 58.1-1100 shall not be construed to apply (i) to any profession which the Commonwealth regulates by law, (ii) to industrial development corporations organized pursuant to the terms of §§ 13.1-981 through 13.1-998, or (iii) to the business of farming, which includes propagating, growing, selling and planting, as an incident to the sale, of evergreens, shade trees, shrubs and all other nursery products, ornamental and otherwise, grown by the seller. Property used or employed in such exempt activities shall be taxable in the actual form in which it exists and not as intangible personal property.
(Code 1950, § 58-413; 1956, c. 241; 1962, c. 131; 1982, c. 633; 1984, c. 675.)
Sections: Previous 58.1-1100 58.1-1101 58.1-1102 58.1-1103 58.1-1104 58.1-1105 58.1-1106 58.1-1107 58.1-1108 58.1-1109 58.1-1110 58.1-1111 58.1-1112 58.1-1113 58.1-1114 NextLast modified: April 16, 2009