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2004 SESSION

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SB 147 Local taxes; authority concerning increase in excise tax on cigs, adms, transient occupancy, etc.

Introduced by: Ken T. Cuccinelli, II | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Local taxes. Authorizes all counties to impose excise taxes on cigarettes, admissions, transient room rentals, meals, and travel campgrounds beginning January 1, 2005, with no cap on the rate of tax, provided that any county increasing or first imposing any of these taxes on or after January 1, 2004, shall be subject to limits on the amount of annual revenue that may be generated from the county's real estate tax. For each of the first three tax years of such increase or initial imposition of such tax, the county shall set its rate of tax on real estate so as to produce total real estate tax revenues not to exceed the prior year's total real estate tax revenues adjusted for inflation and population minus the additional revenue estimated to be generated from any increase in county tax or new county tax that is to become effective in the tax year.

In no event, however, for any of the three years, may the county's total real estate tax revenues increase by more than five percent when compared to the previous year.

For every tax year following the initial three-year period, the county's revenues from real estate tax may not increase by more than five percent each year.


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