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2004 SESSION

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HB 794 Income tax, state; localities may impose a local tax if personal prop. rate does not exceed limit.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Local piggyback income tax and personal property tax. Allows localities to impose a local income tax at a rate of either one-half or one percent upon the Virginia taxable income of individuals, trusts, estates, and corporations; provided the personal property tax rate does not exceed $0.01 per $100 of value on personally owned motor vehicles. The Tax Commissioner collects the tax and returns it to localities based on taxpayers' residences. A new classification for personal property tax purposes is created for motor vehicles used for nonbusiness purposes. The provisions of the act will take effect January 1, 2005.


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