§ 58.1-434. Telecommunications income tax credit
Any telecommunications company as defined in § 58.1-400.1 shall receive the following credit against the tax imposed by § 58.1-400:
Taxable Year Tax Credit
1989 80% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
1990 70% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
1991 60% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
1992 and 1993 50% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
1994 40% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
1995 and 1996 30% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
1997 20% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
1998 10% of the amount by which the tax imposed by § 58.1-400
exceeds 1.3% of gross receipts.
In no event shall the credit allowed under this section exceed the tax imposed by § 58.1-400. The provisions of § 58.1-400.1 shall be applied in computing gross receipts for purposes of this section.
(1988, c. 899.)
Sections: Previous 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 58.1-435 58.1-436 58.1-437 58.1-438 58.1-438.1 58.1-439 58.1-439.1 NextLast modified: April 16, 2009