Bulletin Number
VTB 82-22
Tax Type
Soybean Excise Tax
Description
Soybean Excise Tax rate increase
Topic
Basis of Tax
Rate of Tax
Date Issued
09-24-1982
Date: September 24, 1982
Subject: Soybean Excise Tax - Rate Increase
The 1982 Session of the Virginia General Assembly enacted legislation (Senate Bill No. 240) which changed the rate of the soybean excise tax, subject to the approval of sixty percent of those voting in a referendum
As a result of the referendum the soybean excise tax will increase from one-half cent per bushel to one cent per bushel. The increase is effective October 1, 1982. The soybean excise tax is collected from the handler. For purposes of the soybean excise tax "the handler" is defined as the processor, dealer, snipper, exporter, or any other business entity who purchases soybeans from the farmer, or the farmer who transports and sells his soybeans out of state. The handler must deduct the tax from payments to the farmer.
The Virginia Soybean Assessment Report for the period July 1, 1932 through December 31, 1982 will be mailed to you. On bushels or soybeans purchased or sold from July 19 1982 to September 30, 1982, the tax is one-half cent per bushel. On bushels of soybeans purchased or sold from October 1, 1932 to December 31, 1982, the tax is one cent per bushel. Anyone having questions regarding this bulletin should contact the Department of Taxation, P. O. Box 6-L, Richmond, Virginia 23282.
Tax Bulletins