Virginia § 56-523 - Definitions
Full text of Virginia Code of Virginia § 56-523 — Definitions, with citation guidance and answers to common questions.
§ 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.
"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.
Frequently Asked Questions About Virginia § 56-523
What does Code of Virginia § 56-523 cover?
Section 56-523 ("Definitions") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 56-523?
A common citation format is "Code of Virginia § 56-523" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 56-523 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.