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2006 SESSION
067350336Be it enacted by the General Assembly of Virginia:
1. That § 58.1-609.12 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-609.12. Reports to General Assembly on tax exemptions studies.
A. The Tax Commissioner shall investigate and
analyze determine the fiscal, economic and
policy impact of each sales and use tax exemption set out in §§ 58.1-609.10 and
58.1-609.11. The Commissioner shall and
report the such
findings to the chairmen of the House and Senate
Finance Committees each year by no later than December
1, of
each year. and shall present the The
first such report on the exemptions in §
58.1-609.10 in shall be due December 1, 2006 2007.
Due
to the number of exemptions in § 58.1-609.11, they shall be analyzed and
reports issued each December Subgroups of the
exemptions shall be reviewed in periodic cycles and reports
issued on a rotating basis in accordance
with a schedule determined by the Tax Commissioner, beginning in December,
2007. When such reports have been presented completed for all each
subgroup of the sales and use tax exemptions, the Tax Commissioner
shall repeat the process beginning with the subgroup of
exemptions for which a report was made in 20062007.
No exemption shall be analyzed under the provisions of this section more
frequently than once every five years.
B. When the Tax Commissioner investigates and analyzes the tax
exemptions in §§ 58.1-609.10 and 58.1-609.11, the following
information shall be considered and included in the report:
1. Estimate of foregone state and local revenues as a direct result of the exemption;
2. Beneficiaries of the exemption;
3. Direct or indirect local, state, or federal government
assistance received by the person having persons or entities
granted the exemption, to the extent such
information is reasonably available;
4. The extent to which the comparable
person, entity, property, service, or
industry is exempt from the retail sales and use tax in other states, especially particularly states neighboring contiguous to the Commonwealth;
5. Any external statutory, constitutional, or judicial
mandates in favor of supporting the
exemption;
6. Other Virginia taxes to which the person, entity, property, service, or industry is subject;
7. Similar taxpayers who are not entitled to a retail sales and use tax exemption; and
8. Other criteria, facts or circumstances that may be relevant to the exemption.
In addition, the criteria provided in subsections C
and D of § 58.1-609.11 shall be considered when the Tax Commissioner
investigates and analyzes the tax exemptions in § 58.1-609.11.
C. When the Tax Commissioner investigates and analyzes the tax exemptions in § 58.1-609.11, in addition to the information required by subsection H of § 58.1-609.11, he shall report on the extent to which the person, entity, property, service, or industry is exempt from the retail sales and use tax in other states, particularly states contiguous to the Commonwealth.
CD. For
purposes of this section, the Department of Taxation and the Department of
Agriculture and Consumer Services shall be allowed to share information when
necessary to supplement the information required to be reported under
this section.