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2006 SESSION

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069143732
SENATE BILL NO. 404 Offered January 11, 2006 Prefiled January 11, 2006 A BILL to amend and reenact § 58.1-2606 of the Code of Virginia, relating to property taxes on generating equipment of electric suppliers. ---------- Patron-- Hanger ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1.  That § 58.1-2606 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-2606. Local taxation of real and tangible personal property of public service corporations; other persons.

A. Notwithstanding the provisions of this section and §§ 58.1-2607 and 58.1-2690, all local taxes on the real estate and tangible personal property of public service corporations referred to in such sections and other persons with property assessed pursuant to this chapter shall be at the real estate rate applicable in the respective locality.

B. Notwithstanding any of the foregoing provisions, all aircraft, automobiles and trucks of such corporations and other persons shall be taxed at the same rate or rates applicable to other aircraft, automobiles and trucks in the respective locality.

C. Notwithstanding any of the foregoing provisions, generating equipment that is reported to the Commission by electric suppliers shall be taxed at a rate determined by the locality but shall not exceed the real estate rate applicable in the respective localities.

D. However, generating equipment that is reported to the Commission by electric suppliers utilizing wind turbines shall be taxed at a rate or rates that, when applied to the assessed value of the generating equipment (and including ancillary improvements associated with the wind turbines such as substations and transmission lines), would generate an amount of revenue for the tax year approximately equal to $5,000 per megawatt of the nameplate production capacity. Beginning on January 1, 2012, such $5,000 per megawatt base amount shall be indexed every five years by an amount equal to the percentage increase in the Consumer Price Index for all items, all urban consumers (CPI-U) from October 1 through September 30 of the immediately preceding calendar year.

2.  That the provisions of this act shall become effective on January 1, 2007.