CHAPTER 260
An Act to amend and reenact §58.1-423 of the Code of
Virginia, relating to the dedication of income tax revenues to the Virginia
Commercial Space Flight Authority.
[S 1070]
Approved March 17, 2015
Be it enacted by the General Assembly of Virginia:
1. That §58.1-423 of the Code of Virginia is amended and
reenacted as follows:
§58.1-423. Income tax paid by commercial spaceflight
entities.
A. Beginning July 1, 2011, and for fiscal years 2012, 2013, 2014,
and 2015, and 2016, the portion of the Virginia income tax net
revenue generated by qualified corporations or limited liability companies that
is attributable to the sale of commercial human spaceflights or commercial
spaceflight training (regardless of point of sale, or where space flight takes
place), or is incidental to the sale of commercial human spaceflights, shall be
transferred to the Virginia Commercial Space Flight Authority, established
pursuant to Article 2 (§2.2-2201 et seq.) of Chapter 22 of Title 2.2. The Tax
Commissioner shall make a written certification to the Comptroller within 15
days of the close of each calendar quarter providing an estimate of the portion
of the Virginia income tax net revenue generated during the calendar quarter by
the qualified corporations or limited liability companies that is attributable
to the sale of commercial human spaceflights or commercial spaceflight training
or is incidental to the sale of commercial human spaceflights. Not later than
30 days after the close of each quarter, the Comptroller shall transfer to the
Virginia Commercial Space Flight Authority an amount from the general fund that
is equal to the estimate provided by the Tax Commissioner.
B. For purposes of this section, a qualified corporation or
limited liability company is a corporation or limited liability company that
engages in commercial human spaceflights or commercial spaceflight training.
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