Bill Text: VA HB712 | 2012 | Regular Session | Prefiled
Bill Title: Coal severance tax; codifies manner in which it is calculated.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-02-06 - House: Stricken from docket by Finance by voice vote [HB712 Detail]
Download: Virginia-2012-HB712-Prefiled.html
12102918D Be it enacted by the General Assembly of Virginia: 1. That §58.1-3712 of the Code of Virginia is amended and reenacted as follows: §58.1-3712. Counties and cities authorized to levy severance tax on coal and gases. A. The governing body of any county or city may levy a license
tax on every person engaging in the business of severing coal or gases from the
earth. B. Notwithstanding any other provision of this section or law, for purposes of calculating the fair market value of gases severed in Buchanan County, except as otherwise provided in a settlement agreement regarding the calculation of fair market value, including deductions for transportation and compression costs, between the County and the taxpayer, no person engaging in the production and operation of severing gases from the earth in connection with coal mining shall be allowed to take deductions, including but not limited to, depreciation, compression, marketing fees, overhead, maintenance, transportation fees, and personal property taxes. C. Any county or city enacting a license tax under this section may require producers of coal or gas and common carriers to maintain records and file reports showing the quantities of and receipts from coal or gases which they have produced or transported. |