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2004 SESSION
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.
FULL TEXT
HISTORY
- 01/14/04 House: Presented & ordered printed, prefiled 01/14/04 041807544
- 01/14/04 House: Referred to Committee on Finance
- 01/15/04 House: Assigned to Finance sub-committee: 1
- 02/04/04 House: Continued to 2005 in Finance (21-Y 1-N)