VirginiaRetail Sales and Use Tax; dealer discount.
What it does
Sales and use tax; dealer discount. Provides that the state retail sales and use tax dealer discount percentages allowed from the first three percent of such tax imposed shall be (i) eight percent for monthly taxable sales between $0 and $30,000; (ii) four percent for monthly taxable sales between $30,001 and $62,500; (iii) 1.2 percent for monthly taxable sales between $62,501 and $208,000; and (iv) 0.8 percent for monthly taxable sales of $208,001 and above. Under current statutory law, such dealer discount percentages are (a) four percent for monthly taxable sales between $0 and $62,500; (b) three percent for monthly taxable sales between $62,501 and $208,000; and (c) two percent for monthly taxable sales of $208,001 and above.
More detail
However, superseding budgetary provisions (1) limit such dealer discount percentages to (A) 1.6 percent for monthly taxable sales between $0 and $62,500; (B) 1.2 percent for monthly taxable sales between $62,501 to $208,000; and (C) 0.8 percent for monthly taxable sales of $208,001 and above and (2) suspend the discount entirely for dealers subject to the electronic funds transfer requirement in relevant law.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jan 28Passed by indefinitely in Finance and Appropriations (10-Y 4-N)Latest
- Vote recorded Passed by indefinitely in Finance and Appropriations. Result: pass.Upper
- Jan 26Fiscal Impact statement From TAX (1/26/2026 11:29 pm)
- Jan 14Referred to Committee on Finance and AppropriationsMinor
- Jan 14Prefiled and ordered printed; Offered 01-14-2026 26100518DIntroduced
- Jan 28Passed by indefinitely in Finance and Appropriations (10-Y 4-N)Latest