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2006 SESSION

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SB 260 Idle machinery and tools tax; certain exemptions.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Classification and taxation of property.  Provides that in valuing machinery and tools for taxation, the commissioner of the revenue shall, if requested in writing, consider an independent appraisal submitted by the taxpayer. The bill also provides that, for taxable years beginning on or after January 1, 2007, certain certified pollution control equipment and facilities are exempt from state and local taxation, pursuant to Section 6 of Article X of the Constitution of Virginia. Finally, the bill requires that the Tax Commissioner convene a working group to consider several issues relating to the assessment and valuation for appraisals relating to machinery and tools, and to report by November 1, 2006.  Further, the bill clarifies that idle machinery and tools are intangible capital segregated for state, not local, taxation.


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