(a) The Commissioner of the Revenue may grant an extension of time in which to file for a license, for reasonable cause. The extension may be conditioned upon timely payment of a reasonable estimate of the appropriate tax. The tax is then subject to adjustment to the correct tax at the end of the extension, together with interest, from the due date until the date paid and, if the estimate submitted with the extension is found to be unreasonable under the circumstances, with a penalty of ten percent of the portion paid after the due date.
(b) Whenever, before the expiration of the time prescribed for the assessment of any license tax imposed pursuant to this chapter, both the Commissioner of the Revenue and the taxpayer have consented, in writing, to its assessment after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon.
(c) Notwithstanding section 58.1-3903 of the Code of Virginia, as amended, which pertains to omitted local taxes and levies, the Commissioner of the Revenue shall assess the local license tax omitted because of fraud or failure to apply for a license for the current license year and the six preceding license years.
(d) The period for collecting any local license tax shall not expire prior to the period specified in section 58.1-3940 of the Code of Virginia, as amended, two years after the date of assessment if the period for assessment has been extended pursuant to this subsection, two years after the final determination of an appeal for which collection has been stayed pursuant to section 840.07 or two years after final determination in a court application pursuant to section 58.1-3984 of the Code of Virginia and section 840.08, as amended, or a similar law for which collection has been stayed, whichever is later.
(Ord. 96-08. Passed 10-16-96; Ord. 22-16. Passed 10-12-22.)