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2006 SESSION

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HB 1290 Machinery and tools tax; method of valuation thereof for income tax purposes.

Introduced by: Christopher B. Saxman | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Machinery and tools tax; method of valuation.  Requires commissioners of the revenue, in valuing machinery and tools to consider any bona fide, independent appraisal presented by the taxpayer.  The bill would also provide that idle machinery and tools used in certain businesses be taxable as capital and subject to the State intangible personal property tax (the Commonwealth currently exempts intangible personal property from tax).  Finally, the bill would require the Tax Commissioner to examine and report on certain related issues.


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