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2007 SESSION

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HB 1937 Machinery and tools; classification and taxation for idle machinery and tools.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Machinery and tools tax; certain idle equipment.  Classifies as intangible personal property idle equipment, hardware or software, of a research and development or technology, high technology, or nanotechnology business.

SUMMARY AS INTRODUCED:

Machinery and tools tax; idle machinery and tools. Provides a uniform statewide statutory classification and taxation for idle machinery and tools on a prospective basis by allowing such machinery and tools to be taxed as capital as long as they have not been used for at least one year prior to tax day and they have been identified in writing by the taxpayer to the commissioner of the revenue as such.