2026 SESSION

INTRODUCED

26100518D

SENATE BILL NO. 697

Offered January 14, 2026

Prefiled January 14, 2026

A BILL to amend and reenact § 58.1-622 of the Code of Virginia, relating to sales and use tax; dealer discount.

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Patron—Mulchi

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Referred to Committee on Finance and Appropriations

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Be it enacted by the General Assembly of Virginia:

1. That § 58.1-622 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-622. Discount.

For the purpose of compensating a dealer holding a certificate of registration under § 58.1-613 for accounting for and remitting the tax levied by this chapter, such dealer shall be allowed the following percentages of the first three percent of the tax levied by §§ 58.1-603 and 58.1-604 and accounted for in the form of a deduction in submitting his return and paying the amount due by him if the amount due was not delinquent at the time of payment.

	Monthly Taxable Sales	Percentage
	$0 to $62,500 $30,000	4% 8%
	$62,501$30,001 to $208,000 $62,500	3% 4%
	$208,001 and above$62,501 to $208,000	2% 1.2%
	$208,001 and above	0.8%

The discount allowed by this section shall be computed according to the schedule provided, regardless of the number of certificates of registration held by a dealer.