Section 88. Telecommunications companies; estimated taxes

A. Generally. The requirements imposed under § 58.1-500 (et seq.) of the Code of Virginia regarding the filing of a declaration of estimated income taxes and the payment of estimated income taxes, shall be applicable to telecommunications companies regardless of whether such company expects to be subject to the minimum tax or to the corporate income tax.

B. Exceptions to the addition to tax.

1. For purposes of determining the applicability of the exceptions under which the addition to tax for the underpayment of any installment of estimated taxes will not be imposed, it is irrelevant whether the tax shown on the return for the preceding taxable year is corporate income tax, minimum tax or a license tax on gross receipts.

2. The addition to tax for the failure to pay estimated income tax (§ 58.1-504) will not be imposed on the tax liability resulting from the transitional short taxable year return required to be filed for the period that begins after December 31, 1988, and ends before the first day of a telecommunications company's 1989 taxable year.

Historical Notes

Derived from VR630-3-400.1 § 9, eff. January 3, 1990.

Statutory Authority

§§ 58.1-203 and 58.1-400.1 of the Code of Virginia.