[Adopted 4-7-1997]
For each year, beginning on the first day of
January following the effective date of this article and continuing
each and every year thereafter, there is hereby levied upon any telephone
or telegraph company, in accord with the provisions of Article 2,
Chapter 26, Title 58.1 of the Code of Virginia 1950, as amended, and
upon every corporation providing heat, light and power within the
county, pursuant to the provisions of Article 2, Chapter 26, Title
58.1 of the Code of Virginia 1950, as amended, for the privilege of
doing business within the Buchanan County, Virginia, a license tax
equal to 1/2 of 1% of the gross receipts of such business accruing
to such company or corporation from such business in the county.
The following provisions shall be applicable
to the hereinabove described tax:
A.
Gross receipts of any such corporation or company
shall be ascertained as of the 31st day of December of each year,
and the tax for the current calendar year shall be based on receipts
for the preceding calendar year.
B.
The license tax hereinabove levied shall be assessed
on the first day of January of each calendar year, beginning with
and including January 1, 1997.
C.
The license tax assessed shall be due and payable
to the Treasurer of the Buchanan County on or before the first day
of July following the date on which the taxes are assessed.
D.
Any company or corporation failing to pay the tax
into the county treasury on or before the first day of July shall
incur a penalty thereon of 5%, which shall be added to the amount
of taxes due from such company or corporation.
E.
In addition to the penalty hereinabove stated, interest
at the rate of 10% per annum from the second day of July of the year
in which said taxes are due shall be collected upon the principal
and penalties of any such taxes then remaining unpaid.
F.
This article shall be effective for the tax year beginning
January 1, 1997, and for each tax year thereafter.
