Section 370. Maintenance and preservation of rental records

Every rentor is required to maintain and preserve adequate and complete records as are necessary to complete the rental tax returns and to determine the amount of rental taxes and fees for which he is liable. Such records must be retained for a period of four years. Such records include, but are not limited to, the following:

1. A daily record of all cash and credit rentals by place of business, including rentals under any type of financing or installment plan in use, with indications of which rentals involved daily rental vehicles;

2. A copy of all rental contracts for each vehicle held for rental; and

3. A record of all documentation for any exemptions or adjustments claimed against the rental taxes and fees.

Records are required to be open for inspection and examination at all reasonable hours of the business day by the commissioner or his duly authorized agents. The commissioner has all powers under this Act with respect to the records of such persons as are granted the Tax Commissioner under § 58.1-633 of the Code of Virginia.

If an assessment has been made and an appeal to the commissioner or to the court is pending, all books, records, and reproductions specified above relating to the period covered by the assessment must be preserved until the final disposition of the appeal.

Historical Notes

Derived from VR485-60-8701 § 6.8, eff. January 1, 1987; amended, Volume 13, Issue 22, eff. July 1, 1997; Volume 20, Issue 21, eff. July 1, 2004.

Statutory Authority

§ 58.1-2421 of the Code of Virginia.