Va. Code § 60.2-503

Current with changes from the 2024 legislative session through ch. 845

Section 60.2-503 - Authority to terminate elections

If any nonprofit organization is delinquent in making payments in lieu of taxes as required under subsection C of § 60.2-501, the Commission may terminate such organization's election to make payments in lieu of taxes as of the beginning of the next taxable year, and such termination shall be effective for that and the next taxable year.

Va. Code § 60.2-503

1974, c. 466, § 60.1-89; 1981, cc. 248, 252; 1986, c. 480.

Amended by Acts 1986, § c. 480.

Amended by Acts 1981, § cc. 248, 252.

Amended by Acts 1974, § c. 466, §60.1-89.