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2007 SESSION

• | print version

HB 2611 Income and personal property taxes; localities to impose.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Local piggyback income tax and personal property tax.  Allows localities to impose a local income tax at a rate of either 0.50% or 1% upon the Virginia taxable income of individuals, trusts, estates, and corporations provided the personal property tax rate does not exceed $0.01 per $100 of value on personally owned motor vehicles. The Tax Commissioner collects the tax and returns it to localities based on taxpayers' residences. A new classification for personal property tax purposes is created for motor vehicles used for nonbusiness purposes. The provisions of the act will take effect January 1, 2008.

FULL TEXT

• 01/10/07  House: Prefiled and ordered printed; offered 01/10/07 078872544  pdf | impact statement

HISTORY

• 01/10/07  House: Prefiled and ordered printed; offered 01/10/07 078872544
• 01/10/07  House: Referred to Committee on Finance
• 01/18/07  House: Assigned Finance sub: #2 (Ware, R.L.)
• 02/06/07  House: Left in Finance