THE Division of Revenue and Taxation has announced new annual business license fees that took effect on July 12, 2022.
The amendments to the license regulations were published in the Commonwealth Register on June 28, 2022, Revenue and Taxation said.
It also said that “temporary business licenses shall only be issued for community and public events not lasting more than thirty consecutive days. They cannot be transferred or renewed. Application requirements provided in § 70-40.1-105 do not apply to temporary business licenses. The application requirements for temporary business licenses shall be set forth in application forms prescribed by Revenue and Taxation.”
Also, the annual business license fees for obtaining a business license for an additional location or line of business shall be prorated based on calendar year quarters.
New business licenses shall expire on the same date as existing business licenses and applicants are required to pay 25% of the annual fee for the quarter in which the application is submitted, plus 25% for each quarter remaining through the quarter of expiration.
The calendar year quarters are as follows:
First quarter: Jan. 1 through March 31.
Second quarter: April 1 through June 30.
Third quarter: July 1 through Sept. 30.
Fourth quarter: Oct. 1 through Dec. 31.
Old
The old business license fees under Public Law 11-73 were as follows:
Banks-$500.
Offshore banking-$1,000.
Security dealers-$300.
Insurance company-$300.
Insurance broker-$100.
Insurance agent-$75.
Public utilities-$300.
Manufacturers-$50.
Wholesalers-$50.
Roadside vendors-$5.
Scuba diving instruction-$100.
Scuba diving tours-$100.
General business-$50.
Amendment fees
Additional location-$50.
Additional line of business-$50-$500.
Change of location-$20.
Change of business name-$20.
Add business name-$20.
Duplicate license-$20.
New
The following are the new annual business license fees:
Agriculture, forestry, fishing and hunting-$100.
Mining, quarrying, oil and gas extraction-$100.
Utilities-$300.
Construction-$100.
Manufacturing-$100.
Wholesale trade-$100.
Retail trade-$100.
Information industries-$300.
Commercial banking-$500.
Offshore banking-$1,000.
Other depository and non-depository credit intermediation-$300.
Securities, commodity contracts, other financial investments-$300.
Insurance carriers/companies-$300.
Insurance agencies, brokerages and other insurance related activities-$100.
Funds, trust and other financial vehicles-$100.
Real estate-$100.
Rental and leasing-$100.
Professional, scientific, and technical services-$100.
Management of companies and enterprises-$100.
Administrative and support services-$100.
Waste management and remediation services-$300.
Educational services-$100.
Healthcare and social assistance-$300.
Accommodations-$100.
Food services and drinking establishments-$100.
Other services (except public administration)-$100.
Temporary business license-$20.
Other fees
Late filing fee-$10
Duplicate license fee-$20
Expedite fee-$20
Amendment fees
Change of location-$20
Change of business name-$20
Add business name-$20
