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2002 SESSION

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HJ 60 Study; revision of state tax code.

Introduced by: Robert F. McDonnell | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Revision of state tax code. Continues a joint subcommittee that began to examine the revision of the state tax code. In continuing its work, the joint subcommittee shall (i) continue the work it began in 2001; (ii) ensure that Virginia's tax code is fair, uniform, understandable, and contemporary; (iii) examine the report and recommendations of the Commission on Virginia's State and Local Tax Structure for the 21st Century; (iv) seek broad input from all levels of government, the private sector, and citizens concerning the sufficiency of the Commonwealth's current tax system; (v) consider the necessity and sufficiency of current taxes, fees, deductions and credits as well as the rates of taxation; (vi) consider current revenue capacity of localities and the sufficiency of their revenue tools; (vii) examine the number and costs of tax preferences including income tax subtractions, deductions and exemptions, and income tax credits currently in the tax code; (viii) estimate the loss in sales tax due to electronic commerce; (ix) evaluate the real estate assessment appeals process, the need for any changes to the process, and the effect that such changes would have on taxpayers and local governments; (x) consider the long-term effect on the Commonwealth's revenues from the phase-out of the personal property tax; (xi) evaluate the appropriateness of the merchants' capital tax and the business, professional and occupational license tax; (xi) consider a plan to more equitably address tax preferences and rates for personal and business income taxes; (xii) determine the equitable division of support to be assumed by the state and localities for education and mandated services in light of the reforms recommended by the Commission; and (xiii) review the current method of imposing taxes on farm real estate and alternative methods for imposing farm real estate taxes, including the feasibility of replacing the current method with a tax on the value of what is produced by farms.. The joint subcommittee shall submit its written findings and recommendations to the Virginia Code Commission, and to the Governor and the 2003 Session of the General Assembly. This resolution incorporates HJR 150 (Marshall, R.G.).


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