Sec. 16A-63.1. Investment managers or counselors.
Every person, firm or corporation conducting the business of
investment advice or counselling or otherwise engaging in the
business of management of investment assets shall be deemed to
be an investment manager and shall pay a license tax of twenty-five
dollars, and if the gross amount of gross fees, commissions or
other compensation received for such management business
during the preceding calendar year, derived from sources in or
outside of Virginia, wherever located, exceeded two thousand
dollars, the tax shall be fifty cents on each one hundred dollars of
gross fees in excess of two thousand dollars. If the investment
management activities generating fees which are hereby taxed by
the city are also subjected to valid taxes imposed by other cities,
towns or counties, the latter taxes may be credited and offset
against the total amount owed the city; provided, that such credit
does not reduce the total tax paid to the city below a one thousand
dollar minimum.
When the license tax imposed by this section is paid by an
investment manager, no license tax shall be levied on any
regulated investment company which is rendered investment
advice and similar services by the investment manager, where
such regulated investment company is registered under the
Investment Company Act of 1940, as amended. (7-6-70.)
