Administrative Code

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Virginia Administrative Code
Title 24. Transportation And Motor Vehicles
Agency 20. Department Of Motor Vehicles
Chapter 100. Virginia Motor Vehicle Rental Taxes and Fees Rules and Regulations
12/3/2020

24VAC20-100-450. Final return upon sale or termination of rental business; obligation of successor to withhold part of purchase price.

Any rentor who sells or terminates a rental business must file a final rental tax return and pay all rental taxes and fees due within 15 days of selling or terminating the business. The rentor's successors or assigns, if any, are required to withhold a sufficient amount of the purchase money to cover the amount of any taxes, fees, penalties, and interest due and unpaid until the former rentor produces a receipt from the commissioner showing that no taxes, fees, penalties, or interest are due. If the purchaser of a rental business fails to withhold a sufficient amount of money to cover the amount of taxes, fees, penalties, and interest due, the purchaser is personally liable for the payment of the taxes, fees, penalties, and interest due and unpaid on account of the operation of the business by any former owner.

Statutory Authority

§ 58.1-2421 of the Code of Virginia.

Historical Notes

Derived from VR485-60-8701 § 6.16, eff. January 1, 1987; amended, Volume 20, Issue 21, eff. July 1, 2004.

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