§ 58.1-3734.1. Sales involving trade-ins
A. No locality shall assess omitted taxes against any motor vehicle dealer which calculated its gross receipts for license tax purposes by excluding the value of any vehicle accepted as a trade-in for periods of time prior to January 1, 1991, unless such locality enforced the requirement that motor vehicle dealers include the amount of a trade-in vehicle in gross receipts for periods prior to January 1, 1990.
B. Whenever a motor vehicle dealer accepts a trade-in as part of a sale of a motor vehicle, the dealer's gross receipts for license tax purposes shall not include the amount of the trade-in.
(1990, c. 670.)
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 3, 2009