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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 | history

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED HOUSE:

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 also requires the Tax Commissioner to examine and report on certain related issues.

SUMMARY AS INTRODUCED:

Machinery and tools tax; method of valuation.  Requires machinery and tools to be valued at their depreciated basis for federal income tax purposes if the owner has depreciated their value pursuant to the Internal Revenue Code.