SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2012 SESSION
HB 461 Taxes, local; rate of interest capped at five percent annually, penalties.
Introduced by: Kathy J. Byron | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Local taxes; interest and penalties. Provides that the rate of interest set by localities that is charged on delinquent local taxes, and paid on refunds of local taxes, for the first year shall not exceed the "Underpayment Rate" established pursuant to § 6621(a)(2) of the Internal Revenue Code. After the first year, the cap on the rate increases by two percent. Under current law, such interest rate shall not exceed the rate established pursuant to § 6621(a)(2) of the Internal Revenue Code or 10 percent, whichever is greater. The bill also repeals a statute that automatically imposed an interest rate of 10 percent in any locality that does not enact an ordinance setting the interest rate. Finally, the bill authorizes the waiver of interest and penalty for good cause. The current law requiring the interest charged on delinquent taxes to be the same as the interest paid on tax refunds, is maintained. The bill contains technical amendments.
FULL TEXT
- 01/10/12 House: Prefiled and ordered printed; offered 01/11/12 12103712D pdf | impact statement
- 02/08/12 House: Floor substitute printed 12105158D-H1 (Byron) pdf
AMENDMENTS
HISTORY
- 01/10/12 House: Prefiled and ordered printed; offered 01/11/12 12103712D
- 01/10/12 House: Referred to Committee on Finance
- 01/20/12 House: Assigned Finance sub: #1
- 02/01/12 House: Subcommittee recommends reporting with amendment(s) (7-Y 3-N)
- 02/06/12 House: Reported from Finance with amendment (17-Y 5-N)
- 02/07/12 House: Read first time
- 02/08/12 House: Read second time
- 02/08/12 House: Committee amendment rejected
- 02/08/12 House: Floor substitute printed 12105158D-H1 (Byron)
- 02/08/12 House: Substitute by Delegate Byron agreed to 12105158D-H1
- 02/08/12 House: Engrossed by House - floor substitute HB461H1
- 02/09/12 House: Read third time and defeated by House (17-Y 80-N)
- 02/09/12 House: VOTE: DEFEATED (17-Y 80-N)