SB 697 Virginia Senate · 2026 Regular Session

Retail Sales and Use Tax; dealer discount.

Summary
Sales and use tax; dealer discount. Provides that the state retail sales and use tax dealer discount percentages allowed from the first three percent of such tax imposed shall be (i) eight percent for monthly taxable sales between $0 and $30,000; (ii) four percent for monthly taxable sales between $30,001 and $62,500; (iii) 1.2 percent for monthly taxable sales between $62,501 and $208,000; and (iv) 0.8 percent for monthly taxable sales of $208,001 and above. Under current statutory law, such dealer discount percentages are (a) four percent for monthly taxable sales between $0 and $62,500; (b) three percent for monthly taxable sales between $62,501 and $208,000; and (c) two percent for monthly taxable sales of $208,001 and above. However, superseding budgetary provisions (1) limit such dealer discount percentages to (A) 1.6 percent for monthly taxable sales between $0 and $62,500; (B) 1.2 percent for monthly taxable sales between $62,501 to $208,000; and (C) 0.8 percent for monthly taxable sales of $208,001 and above and (2) suspend the discount entirely for dealers subject to the electronic funds transfer requirement in relevant law.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2026
Committee Review
Floor Vote
Governor
Introduced Jan 14, 2026 Last action Jan 28, 2026
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Full legislative history

Actions timeline

Total actions
4
Key actions
0
Committee
1
Jan 14, 2026
Committee
Referred to Committee on Finance and Appropriations
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Tammy Mulchi
Tammy Mulchi
RRepublican
VA
9