Credit: Paul Bradbury/KOTO/Adobe Stock State High Court Says Dept. of Taxation Owes $11M Refund to Tobacco Company in Dispute Over 'Use' of Storage Facility
"Allowing raw materials to sit does not constitute processing because processing requires that these materials undergo treatment that will result in a product that is more marketable or useful," the Virginia Supreme Court ruled.
February 17, 2022 at 11:49 PM
4 minute read
The Virginia Supreme Court considered whether a multistate tobacco company's income tax assessments should include the value of raw materials being stored in a Danville, Virginia, facility for more than one year before being shipped out-of-state to be processed.
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