§ 58.1-420. Railway companies; apportionment
Notwithstanding the provisions of § 58.1-408, railway companies shall determine their net apportionable income to the Commonwealth by multiplying the Virginia taxable income of such company, excluding the classes of income allocable under § 58.1-407, by the use of the ratio of revenue car miles in the Commonwealth to total revenue car miles of the company everywhere. For the purposes of this section, "revenue car mile" in the case of railway carriers of property or passengers means the movement of a unit of loaded car equipment a distance of one mile. The loaded car miles shall be determined in accordance with the Uniform System of Accounts for Railroad Companies of the Interstate Commerce Commission.
(Code 1950, §§ 58-151.021, 58-151.050:3; 1971, Ex. Sess., c. 171; 1978, c. 784; 1979, c. 371; 1981, c. 402; 1984, c. 675.)
Sections: Previous 58.1-413 58.1-414 58.1-415 58.1-416 58.1-417 58.1-418 58.1-419 58.1-420 58.1-421 58.1-430 58.1-431 58.1-432 58.1-433 58.1-433.1 58.1-434 NextLast modified: April 16, 2009