§ 58.1-3712.1. Counties and cities authorized to levy severance tax on oil
The governing body of any county or city may levy a license tax on every person engaging in the business of severing oil from the earth. Such tax shall be at a rate equal to one-half of one percent of the gross receipts from the sale of oil severed in such county or city. Such gross receipts shall be the fair market value measured at the time such oil is utilized or sold for utilization in such county or city or at the time such oil is placed in transit for shipment therefrom.
Any county or city enacting a license tax pursuant to this section may require producers of oil and common carriers to maintain records and file reports showing the quantities of and receipts from oil which they have produced or transported.
(1985, c. 120.)
Sections: Previous 58.1-3706 58.1-3707 58.1-3708 58.1-3709 58.1-3710 58.1-3711 58.1-3712 58.1-3712.1 58.1-3713 58.1-3713.01 58.1-3713.1 58.1-3713.2 58.1-3713.3 58.1-3713.4 58.1-3713.5 NextLast modified: April 3, 2009