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2005 SESSION

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SB 1279 Personal property tax; separate classification of certain machinery and tools used in businesses.

Introduced by: W. Roscoe Reynolds (by request) | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Local taxation of certain machinery and tools.  Allows a locality to classify certain heavy machinery used by businesses not otherwise set out in Article 2 (§ 58.1-3507 et seq.) of Chapter 35 of Title 58.1, "Machinery and Tools Tax," as a separate classification of property. The tax rate may not exceed the rate imposed upon the general class of tangible personal property.


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