§ 58.1-1504. Credit against tax
A credit shall be granted against the tax imposed by this chapter with respect to a person's use in this Commonwealth of an aircraft purchased by him in another state, or assembled by him from component parts on which Virginia retail sales or use tax was paid. The amount of the credit shall be equal to the tax paid by him to another state by reason of the imposition of a similar tax on his purchase or use of the property or the amount of Virginia retail sales and use tax paid on the component parts of such assembled aircraft. The amount of the credit shall not exceed the tax imposed by this chapter.
(Code 1950, § 58-685.37; 1974, c. 431; 1984, cc. 547, 675.)
Sections: Previous 58.1-1500 58.1-1501 58.1-1502 58.1-1503 58.1-1504 58.1-1505 58.1-1506 58.1-1507 58.1-1508 58.1-1509 58.1-1510 NextLast modified: April 3, 2009