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2009 SESSION

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SB 1419 Daily rental property tax; definition.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Short-term rental property tax.  Creates a short-term rental property tax which localities may impose on the rental of such property at a rate not to exceed 1.5% of the gross proceeds.  If the tax is imposed on such property, it is in lieu of taxation of it as tangible business personal property.

SUMMARY AS PASSED SENATE:

Daily rental property. Creates a separate classification of property for daily rental property for taxation purposes. Currently, daily rental property is classified as merchants' capital for taxation purpose. The bill contains a reenactment clause.

SUMMARY AS INTRODUCED:

Merchants' capital tax. Deems rented merchants' capital under contracts giving both the lessor and the lessee the right to terminate at any time to be daily rental property. Under current law, persons engaged in the short-term rental business cannot be taxed in an amount that exceeds one percent of the gross proceeds from daily rental property.