Virginia Tax Department Announces New Tax Laws Effective July 1

The Virginia Department of Taxation June 28 announced several new state and local tax laws effective July 1. The announcement includes: 1) the new business electronic registration requirement; 2) the expansion of firearm safety device tax credit; 3) the tax rate on liquid nicotine will increase from 6.6¢/ml to 11¢/ml; and 4) the annual retail sales and use tax holiday. [Va. Dep’t of Tax’n, News Release, 06/28/2024]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.