Virginia Code 56-523: Definitions
The words “utilities” or “public utilities” when used in this chapter shall be construed to mean any person, partnership, association or corporation, engaged in the business of furnishing electric power, water, light, heat, gas, transportation or communication, or any one or more of them, to the people of Virginia.
Terms Used In Virginia Code 56-523
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, partnerships, limited liability companies, and corporations. See Virginia Code 56-1
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
“Net income” with respect to operation of a utility by the Commonwealth shall be construed to mean the gross revenues derived from such operation after deducting therefrom:
(1) The costs of operation and maintenance of the utility,
(2) The amount of depreciation during the time of such operation based on the amount allowed in the utility’s federal income tax return,
(3) Federal, state, and local taxes which would be payable by the utility, if the properties were operated by it,
(4) Interest on the indebtedness of the utility, and
(5) Payments for the cost of insurance.
All of such items shall be prorated on an annual basis in proportion to the time the plant is operated by the Commonwealth.
1952, c. 696.