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2003 SESSION

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SB 949 Personal property tax relief; passenger cars, motorcycles, trucks.

Introduced by: R. Edward Houck | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Personal property tax relief on passenger cars, motorcycles, and pickup or panel trucks. Sets personal property tax relief under the Personal Property Tax Relief Act of 1998 to 47.5 percent for calendar year 2003. The level of tax relief is set at 70 percent for calendar year 2004 and 100 percent for calendar year 2005 and thereafter, subject to the conditions described under § 58.1-3524. The bill provides that the General Assembly intends that the savings from the reduction of personal property tax relief from 70 percent to 47.5 percent shall be appropriated for educational purposes, which shall include, but are not limited to, appropriations for public education, higher education, public libraries, cooperative extension service programs, teacher salaries, and law-enforcement and security in public schools. The bill contains an emergency clause.

FULL TEXT

• 01/08/03  Senate: Pres. & ord. printed w/emg. clause pref.01/07/03 039054444  pdf | impact statement

HISTORY

• 01/08/03  Senate: Pres. & ord. printed w/emg. clause pref.01/07/03 039054444
• 01/08/03  Senate: Referred to Committee on Finance
• 01/29/03  Senate: Failed to report (defeated) in Finance (3-Y 12-N)