Bulletin Number
VTB 81-2
Tax Type
Corn Excise Tax
Description
Virginia Corn Tax, Effective: April 1, 1981
Topic
Computation of Tax
Rate of Tax
Date Issued
03-02-1981
DATE: March 2, 1981
SUBJECT: Virginia Corn Tax
Effective April 1, 1981
- To All Corn Handlers (Producers, Processors, Dealers, Shippers, Country Buyers, Exporters or Seedsmen).
As a result of the referendum, the Governor of Virginia on October 10, 1980 proclaimed the establishment of the Virginia Corn Commission within the Department of Agriculture and Consumer Services.
Beginning April 1, 1981 the handler defined by the Act as the processor, dealer, shipper, country buyer, exporter or any other business entity who purchases corn from farmers shall deduct from payments made to the farmer for the corn, the assessment of one-quarter cent per bushel. The basis of tree assessment is the gross volume of corn which has been handled by the handler. In addition, a farmer who transports and sells his corn out of the State is then considered a handler and must pay the one-quarter cent per bushel assessment to the tax department.
The handler, or farmer who is a handler as set out above, must make reports and remit the assessment to the Department of Taxation. Returns will cover periods of three months (January 1 through March 31, April 1 through June 30, July 1 through September 30 and October 1 through December 31) of each year and will be due on or before the last day of the month following the end of the period. The assessment is due and payable to the Department of Taxation with the quarterly return. If the assessment remains unpaid after the due date, interest will be charged at the rate of one per cent per month from the due date until paid.
Each handler, including any farmer defined as a handler, must keep complete records of all corn handled by him and must preserve the records for a period of not less than two years from the time the corn was handled. The records shall be open to the inspection of the Department of Taxation.
Registration and initial tax return forms are enclosed. Corn handlers should complete the registration form and return it to the department of Taxation, Post Office Box 6-L, Richmond, Virginia 23232 as soon as possible. The Virginia corn tax return for the quarter ending June 30, 1981 should be filed at the same address no later than July 31, 1981.
Anyone having questions should contact the Department of Taxation.
Tax Bulletins