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2008 SESSION

084525784
HOUSE JOINT RESOLUTION NO. 87
Offered January 9, 2008
Prefiled January 7, 2008
Establishing a joint subcommittee to study the treatment of income and asset qualifications for real estate tax relief. Report.
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Patron-- Watts
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Referred to Committee on Rules
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WHEREAS, real estate values have increased throughout the Commonwealth thereby causing the real estate taxes to increase making it difficult for many taxpayers to pay their taxes; and

WHEREAS, some localities have adopted real estate tax relief programs based on income and financial worth; and

WHEREAS, equitable treatment has always existed regarding independent business people and others who have not been able to achieve vested pension rights some of which, such as social security, receive preferential treatment in the tax relief programs; and

WHEREAS, personal retirement savings instruments are not treated the same as social security making it difficult for some low-income individuals who derive annual income from their own investments to qualify for tax relief under the current system; now, therefore, be it

RESOLVED by the House of Delegates, the Senate concurring, That a joint subcommittee be established to study the treatment of income and asset qualifications for local real estate tax relief. In doing so, the joint subcommittee shall pay close attention to the number of taxpayers whose income partially derives from private investments. The joint subcommittee shall have a total membership of eight members that shall consist of only legislative members. Members shall be appointed as follows:  five members of the House of Delegates to be appointed by the Speaker of the House of Delegates in accordance with the principles of proportional representation contained in the Rules of the House of Delegates; and three members of the Senate to be appointed by the Senate Committee on Rules. The joint subcommittee shall elect a chairman and vice-chairman from among its membership.

In conducting its study, the joint subcommittee shall (i) determine which local governments throughout the Commonwealth have adopted a real estate tax relief program, what each locality's total income and financial net worth requirements are under the program, and how many residents benefit from the program; (ii) determine if the Commonwealth's neighboring states and their localities have experienced the same problems regarding real estate taxes and find out what they offer in real estate tax relief; and (iii) decide what, if any, changes need to be made to the current real estate tax relief program and develop a list of possible proposals for the General Assembly to consider.

Administrative staff support shall be provided by the Office of the Clerk of the House of Delegates. Legal, research, policy analysis, and other services as requested by the joint subcommittee shall be provided by the Division of Legislative Services. All agencies of the Commonwealth shall provide assistance to the joint subcommittee for this study, upon request.

The joint subcommittee shall be limited to four meetings for the 2008 interim, and the direct costs of this study shall not exceed $4,800 without approval as set out in this resolution. Approval for unbudgeted nonmember-related expenses shall require the written authorization of the chairman of the joint subcommittee and the respective Clerk. If a companion joint resolution of the other chamber is agreed to, written authorization of both Clerks shall be required.

No recommendation of the joint subcommittee shall be adopted if a majority of the House members or a majority of the Senate members appointed to the joint subcommittee (i) vote against the recommendation and (ii) vote for the recommendation to fail notwithstanding the majority vote of the joint subcommittee.

The joint subcommittee shall complete its meetings by November 30, 2008, and the chairman shall submit to the Division of Legislative Automated Systems an executive summary of its findings and recommendations no later than the first day of the 2009 Regular Session of the General Assembly. The executive summary shall state whether the joint subcommittee intends to submit to the General Assembly and the Governor a report of its findings and recommendations for publication as a House or Senate document. The executive summary and the report shall be submitted as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be posted on the General Assembly's website.

Implementation of this resolution is subject to subsequent approval and certification by the Joint Rules Committee. The Committee may approve or disapprove expenditures for this study, extend or delay the period for the conduct of the study, or authorize additional meetings during the 2008 interim.