SUMMARY OF MAJOR TAX COMPONENTS OF 1999 SB 1286

• Gross Receipts Tax was replaced on January 1, 2001 by:

• Corporate Income Tax

  • Special Provisions for Utilities
    • FASB 109 Adjustment (Virginia Tax Basis)
    • Coal Tax Credit at $3/ton
  • Special Provisions for Cooperatives
    • Income tax only on net income from nonmember sales

• Consumption Tax

  • Declining block structure based on three tiers of customers
    • Residential, Commercial and Industrial
    • Federal, State & Local Governments are exempt

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