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2003 SESSION

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SJ 347 Commission on Revision-Va's State Tax Code-Streamline Sales Tax Proj.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Commission on the Revision of Virginia's State Tax Code and the Streamlined Sales Tax Project Agreement. Establishes the Commission on the Revision of Virginia's State Tax Code and the Streamlined Sales Tax Project Agreement. In conducting the study, the Commission shall (i) examine the allocation of state and local government services and responsibilities; (ii) conduct a comprehensive review of the revenue impact of all tax preferences, including subtractions, deductions, credits, and exemptions; (iii) evaluate the tax rates for all major state taxes to determine their sufficiency and appropriateness in the modern economy; and (iv) consider the appropriateness of adopting the policies in the Streamlined Sales Tax Project Agreement and identify and evaluate changes that may be needed in Virginia's sales and use tax laws to facilitate Virginia's compliance with the agreement should the General Assembly decide to adopt such policies. The Commission must complete its meetings by November 30, 2003, and submit an executive summary of its findings and recommendations no later than the first day of the 2004 Regular Session of the General Assembly.

SUMMARY AS PASSED SENATE:

Study; Streamlined Sales Tax Project agreement and Virginia's State Tax Code. Creates a legislative work group of 8 members that include 6 legislators and 2 ex officio members as follows: the Chairmen of the Senate and House Finance Committees; 2 Senators appointed by the Senate Finance Committee Chairman, 2 members of the House of Delegates appointed by the House Finance Committee Chairman; and the Secretary of Finance and the Tax Commissioner to serve as ex officio members without voting privileges. The work group shall study the Streamlined Sales Tax Project Agreement and the review the prior work of the Joint Subcommittee to Study and Revise Virginia's State Tax Code. The work group shall complete its work no later than November 30, 2003.

SUMMARY AS INTRODUCED:

Study resolution; Streamlined Sales Tax Project agreement. Creates a joint subcommittee consisting of 4 members (2 Delegates, 1 Senator, and the State Tax Commissioner or his designee) to examine, compare, and determine the impact of the Streamlined Sales Tax Project agreement on Virginia's sales and use tax laws. The joint subcommittee shall complete its work no later than November 30, 2003. The direct costs of the study shall not exceed $3,000.