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2002 SESSION

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SB 246 Tangible personal property tax in Alleghany County.

Introduced by: Malfourd W. Trumbo | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Tangible personal property tax in Alleghany County. Authorizes Alleghany County to retain one-half of the tangible personal property taxes collected, or due and owing, from residents of the Town of Clifton Forge for tax year 2001. The remaining one-half shall be exonerated. If the taxpayer has already paid more than one-half of such taxes, any overpayment shall be refunded and shall include interest as provided under applicable law. Alleghany County levied its 2001 tangible personal property tax on residents of the Town of Clifton Forge, but on January 1, 2001, such persons were still residents of the independent City of Clifton Forge. The City reverted to Town status effective July 1, 2001. Because the tangible personal property tax levied by Alleghany County on Clifton Forge residents was for the entire 2001 tax year, the bill prorates the tax levied and requires an exoneration for that portion of the tax attributable to the period from January 1, 2001, through June 30, 2001. The County may retain that portion of the tax prorated for the period from July 1, 2001, through December 31, 2001. The bill contains an emergency clause.

SUMMARY AS PASSED SENATE:

Tangible personal property tax in Alleghany County. Authorizes Alleghany County to retain one-half of the tangible personal property taxes collected, or due and owing, from residents of the town of Clifton Forge for tax year 2001. The remaining one-half shall be exonerated. If the taxpayer has already paid more than one-half of such taxes, any overpayment shall be refunded and shall include interest as provided under applicable law. Alleghany County levied its 2001 tangible personal property tax on residents of the town of Clifton Forge, but on January 1, 2001, such persons were still residents of the independent City of Clifton Forge. The city reverted to town status effective July 1, 2001. Because the tangible personal property tax levied by Alleghany County on Clifton Forge residents was for the entire 2001 tax year, the bill prorates the tax levied and requires an exoneration for that portion of the tax attributable to the period from January 1, 2001, through June 30, 2001. The County may retain that portion of the tax prorated for the period from July 1, 2001, through December 31, 2001. The bill contains an emergency clause.

SUMMARY AS INTRODUCED:

Tangible personal property tax in Alleghany County. Authorizes Alleghany County to retain one-half of the tangible personal property taxes collected, or due and owing, from residents of the town of Clifton Forge for tax year 2001. The remaining one-half shall be exonerated. If the taxpayer has already paid more than one-half of such taxes, any overpayment shall be refunded and shall include interest as provided under applicable law. Alleghany County levied its 2001 tangible personal property tax on residents of the town of Clifton Forge, but on January 1, 2001, such persons were still residents of the independent City of Clifton Forge. The city reverted to town status effective July 1, 2001. Because the tangible personal property tax levied by Alleghany County on Clifton Forge residents was for the entire 2001 tax year, the bill prorates the tax levied and requires an exoneration for that portion of the tax attributable to the period from January 1, 2001, through June 30, 2001. The County may retain that portion of the tax prorated for the period from July 1, 2001, through December 31, 2001.

The bill also authorizes the town of Clifton Forge to retain all tangible personal property taxes levied for all 12 months of tax year 2001. The former City of Clifton Forge levied a full year's worth of tangible personal property tax for tax year 2001, and the bill provides that the town of Clifton Forge may retain all such taxes.

The bill contains an emergency clause.