§ 58.1-3732.2. Limitation on gross receipts
Gross receipts of real estate brokers for license tax purposes under Chapter 37 (§ 58.1-3700 et seq.) of this title shall not include amounts received by any broker that arise from real estate sales transactions to the extent that such amounts are paid to a real estate agent as a commission on any real estate sales transaction and the agent is subject to the business license tax on such receipts. The broker claiming the exclusion shall identify on its license application each agent to whom the excluded receipts have been paid, and the jurisdiction in the Commonwealth of Virginia to which the agent is subject to business license taxes.
In the event that a real estate agent receives the full commission from the broker less an adjustment for the business license tax paid by the broker on such commissions and the agent pays a desk fee to the broker, the desk fee and other overhead costs paid by the agent to a broker shall not be included in the broker's gross receipts. If the agent files separately, the agent must identify on its license application the broker to whom such excluded receipts have been paid, and the amount of such receipts that were included in the broker's license application.
(1994, c. 397; 2002, c. 532.)
Sections: Previous 58.1-3727 58.1-3728 58.1-3729 58.1-3730 58.1-3730.1 58.1-3731 58.1-3732 58.1-3732.1 58.1-3732.2 58.1-3732.3 58.1-3732.4 58.1-3733 58.1-3734 58.1-3734.1 58.1-3735 NextLast modified: April 16, 2009