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Virginia Law

Code of Virginia

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Code of Virginia
Title 58.1. Taxation
Chapter 11. Intangible Personal Property Tax
11/8/2024

§ 58.1-1103. Exempt professions and businesses; how property used therein taxable.

Section 58.1-1100, except subdivision A 10 of § 58.1-1101, shall not be construed to apply to (i) any profession that the Commonwealth regulates by law, (ii) industrial development corporations organized pursuant to the terms of §§ 13.1-981 through 13.1-998, or (iii) the business of farming, which includes propagating, growing, selling, and planting, as an incident to the sale, of evergreens, shade trees, shrubs, and all other nursery products, ornamental and otherwise, grown by the seller. Property used or employed in such exempt activities shall be taxable in the actual form in which it exists and not as intangible personal property.

Code 1950, § 58-413; 1956, c. 241; 1962, c. 131; 1982, c. 633; 1984, c. 675; 2019, c. 255.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.