Bulletin Number
VTB 89-7
Tax Type
Corn Excise Tax
Description
Increase in Corn Assessment; Effective: October 1, 1989
Topic
Basis of Tax
Date Issued
09-22-1989
Virginia Tax Bulletin
Virginia Department of Taxation
DATE: September 22, 1989
SUBJECT: Increase in Corn Assessment, Effective October 1, 1989
On September 7, 1989, Virginia corn producers voted 136 to 51 in favor of increasing the corn assessment from one-quarter cent to one cent per bushel of corn except sugar corn, popcorn, and ornamental corn. Accordingly, all corn handlers are required to collect the corn assessment at the new rate on all corn purchased on and after October 1, 1989.
The funds made available by the passage of the corn referendum will be used by the Virginia Corn Board to expand current programs for market development, education, promotion and research.
The referendum was conducted in accordance with the provisions of the Virginia Corn Act, § 3.1-1031 et seq. of the Code of Virginia. Forms were distributed to Virginia Cooperative Extension Service offices for corn producers to pick up and use for certification. All Virginia producers, regardless of age, who sold corn during two of the last three years and who properly completed and returned the certification form to the Virginia Department of Agriculture and Consumer Services were eligible to vote. The results were reviewed by the Commissioner of VDACS and forwarded to the Governor for his review and signature.
Effective October 1, 1989, every corn handler is required to collect the corn assessment at the new rate of one cent per bushel. Revised forms reflecting the new rate will be distributed in time for filing the fourth quarter returns, which will be due on January 31, 1990. If you have any questions please contact the Department of Taxation at (804) 367-8046.
Tax Bulletins