Section 450. Final return upon sale or termination of rental business; obligation of successor to withhold part of purchase price

Any rentor who sells or terminates a rental business must file a final rental tax return and pay all rental taxes and fees due within 15 days of selling or terminating the business. The rentor's successors or assigns, if any, are required to withhold a sufficient amount of the purchase money to cover the amount of any taxes, fees, penalties, and interest due and unpaid until the former rentor produces a receipt from the commissioner showing that no taxes, fees, penalties, or interest are due. If the purchaser of a rental business fails to withhold a sufficient amount of money to cover the amount of taxes, fees, penalties, and interest due, the purchaser is personally liable for the payment of the taxes, fees, penalties, and interest due and unpaid on account of the operation of the business by any former owner.

Historical Notes

Derived from VR485-60-8701 § 6.16, eff. January 1, 1987; amended, Volume 20, Issue 21, eff. July 1, 2004.

Statutory Authority

§ 58.1-2421 of the Code of Virginia.