§ 58.1-2658.1. Distribution of certain taxes collected
The taxes assessed upon the rolling stock of railroads and freight car companies as provided in § 58.1-2652 shall be distributed in the following manner:
1. One-half shall be distributed to the counties, cities and incorporated towns of the Commonwealth in such percentage as the fair market value of roadway and track located in such county, city or town bears to the total fair market value of roadway and track in the Commonwealth.
2. One-half shall be distributed to the counties, cities and incorporated towns of the Commonwealth in such percentage as the miles of track located in such county, city or town bears to the total miles of track in the Commonwealth.
The Department shall determine the percentage of fair market value and of miles of track in the Commonwealth for each county, city and incorporated town to which it shall be entitled using the latest available information.
After ascertaining the amount of tax payable to each county, city and incorporated town, the Department shall certify to the Comptroller the respective sums to be paid and the Comptroller shall thereupon make payment to the treasurer or other proper fiscal officer of the localities the amounts respectively due them as certified by the Department. When received by the respective local political subdivisions, these payments shall constitute and be regarded as receipts for the general purpose of local government.
(1985, c. 557.)
Sections: Previous 58.1-2653 58.1-2654 58.1-2654.1 58.1-2655 58.1-2656 58.1-2657 58.1-2658 58.1-2658.1 58.1-2659 58.1-2660 58.1-2661 58.1-2662 58.1-2662.1 58.1-2662.2 58.1-2663 NextLast modified: April 16, 2009