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2003 SESSION

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HB 1746 Virginia Real Estate Cooperative Act; taxation.

Introduced by: Terrie L. Suit | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Real Estate Cooperative Act; taxation. Provides that amendments enacted by the 2002 Session of the General Assembly are declaratory of existing law. The 2002 amendments to the Virginia Real Estate Cooperative Act provide (i) that owners of cooperative interests in a cooperative shall not be deemed to be a business for any state and local purposes and (ii) that any tangible personal property owned by a residential cooperative association that would be considered household goods and personal effects if owned and used by an individual or by a family or household incident to maintaining an abode shall be considered household goods and personal effects owned and used by an individual or by a family or household incident to maintaining an abode for purposes of § 58.1-3504 and any local ordinance authorized thereby.


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