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2008 SESSION
HB 472 Income tax, state, and personal property tax; local piggyback imposition.
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 percent or one percent 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, 2009.
FULL TEXT
HISTORY
- 01/07/08 House: Prefiled and ordered printed; offered 01/09/08 084519784
- 01/07/08 House: Referred to Committee on Rules
- 02/12/08 House: Left in Rules