If any nonprofit organization is delinquent in making payments in lieu of taxes as required under subsection C of § 60.2-501, the Commission may terminate such organization's election to make payments in lieu of taxes as of the beginning of the next taxable year, and such termination shall be effective for that and the next taxable year.
Va. Code Ann. § 60.2-503
Authority to terminate elections
1974, c. 466, § 60.1-89; 1981, cc. 248, 252; 1986, c. 480.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.