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2011 SESSION

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HB 1636 Intangible personal property tax; classification of certain machinery and tools.

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

SUMMARY AS INTRODUCED:

Intangible personal property tax; machinery and tools.  Classifies as intangible personal property, and therefore subject solely to state taxation, (i) machinery and tools purchased on or after July 1, 2011, for the first three years following the date of purchase and (ii) machinery and tools used for business purposes, for the first three years after being brought into the Commonwealth for the first time. The bill also classifies as intangible personal property, and therefore subject solely to state taxation, machinery and tools that have been in use for at least 10 years and are located in any county, city, or town in which the assessed value of the machinery and tools is greater than one percent of the original cost.   


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