SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2006 SESSION
Be 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 2006 2007. 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.
C D. 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.