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2014 SESSION

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Senate Committee on Finance

Co-Chair: Charles J. Colgan - Co-Chair: Walter A. Stosch

Staff: Nicole Brenner, Mark Vucci
Date of Meeting: February 11, 2014
Time and Place: 9:00 a.m. - Senate Room B

H.B. 44

Patron: Cole

Personal property tax; classification. Creates a separate personal property tax classification for a motor vehicle owned or leased by a uniformed member of the Virginia Defense Force and used by the uniformed member of the Virginia Defense Force to respond to his official duties. Any locality is authorized to set a personal property tax rate for such motor vehicles less than the rate applicable to the general class of tangible personal property.

H.B. 131

Patron: Lingamfelter

Tax contributions for restoration of the Chesapeake Bay. Requires the Secretary of Natural Resources to submit a report to the committees of oversight and the Virginia delegation to the Chesapeake Bay Commission by November 1 of each year describing how the moneys from the voluntary income tax check-off for Chesapeake Bay restoration activities were expended. The bill requires the report to be posted on a website maintained by the Secretary of Natural Resources, along with a cumulative listing of previous grants.

H.B. 149

Patron: Minchew

Real property tax; board of equalization. Provides that an alternate member be appointed to a board of equalization if a regular member applies to the board for relief.

H.B. 187

Patron: Knight

Real and personal property tax exemption; aviation museum. Permits any locality to exempt any real or personal property the legal title to which is not held by a nonprofit entity but is subject to the sole use and occupancy of a nonprofit entity, as long as the nonprofit entity uses such property solely to (i) exhibit or display certain military aircraft to the general public or (ii) use such aircraft for educational purposes.

H.B. 225

Patron: McQuinn

Reassessment of real estate and equalization of assessments; City of Richmond. Allows the City of Richmond by ordinance to provide for a board of equalization or a permanent board of equalization instead of a board of review.

H.B. 480

Patron: Villanueva

Domestic international sales corporations; income taxation. Exempts a domestic international sales corporation (DISC) and any income attributable to a DISC from income taxes.

H.B. 497

Patron: Head

BPOL; appeal of business license tax classification. Permits a taxpayer to appeal to the Tax Commissioner or request a written ruling from him with regard to the classification of the business for BPOL tax purposes, regardless of whether the locality has conducted an audit, issued an assessment, or taken any other action.

H.B. 499

Patron: Yost

Real property tax; nonjudicial sale of certain delinquent property. Reduces the number of years of delinquency in payment of taxes from five years to three years before a locality may sell real property that (i) measures less than 4,000 square feet or (ii) is determined to be unsuitable for building.

H.B. 525

Patron: Pogge

Real property tax; notice of assessment. Requires every notice of assessment to set forth (i) the new and prior two appraised values of land and appraised value of improvements, and the assessed values of such if different from the appraised values; (ii) the new tax rate and the rates for the prior two tax years; (iii) the total new tax levy and the tax levies for the prior two years; and (iv) the percentage changes in such levies. Under current law, such information is required for the current year and the prior year.

H.B. 534

Patron: Hodges

King William County and the Town of West Point; allocation of revenues for schools. Creates a special school tax district in King William County and governs the allocation of revenue for schools in King William County and the Town of West Point as a means of continuing the "split levy" of King William County's taxes in the Town of West Point and outside the Town. The bill contains an emergency clause.

EMERGENCY

H.B. 663

Patron: Brink

Technical correction; judicial sale of real estate. Removes obsolete language that referred to the judicial sale of abandoned real estate. The term "abandoned" is no longer used to describe any class of real estate in Title 58.1.

H.B. 898

Patron: Peace

Civil penalty; untaxed tobacco products. Creates a civil penalty for the import, transport, possession, or resale of untaxed tobacco products and delineates the respective penalty for first, second, and third or subsequent offenses. The bill also specifies a civil penalty for willful intent to defraud the Commonwealth of taxes levied on tobacco products.

H.B. 975

Patron: Rust

Annual license tax on hybrid electric motor vehicles. Repeals the $64 annual license tax on hybrid electric motor vehicles that was first imposed beginning July 1, 2013. The bill also provides for refunds of the license tax paid on hybrid electric motor vehicles for registration years beginning on or after July 1, 2014.

H.B. 1028

Patron: Morefield

Gas severance tax. Extends the sunset date from December 31, 2014, to December 31, 2015, for the local gas severance tax that is dedicated to (i) the Gas Road Improvement Fund, (ii) the Virginia Coalfield Economic Development Fund, and (iii) water, sewer, and gas lines.

H.B. 1179

Patron: Hugo

Proposals for neighborhood assistance tax credits; emergency. Allows neighborhood organizations to submit the required financial audit, review, or compilation within the 30-day period immediately following any deadline established for the submission of neighborhood organization proposals for tax credits. So long as the proposal was otherwise complete by the deadline, the proposal would be timely filed if the audit, review, or compilation is submitted within such 30-day period.

EMERGENCY

H.B. 1202

Patron: O'Quinn

Local property and license taxes on mineral lands. Permits a commissioner of the revenue to enter into agreements with taxpayers regarding the fair market value of mineral lands and deems any such agreements entered into on or after January 1, 2013, but prior to July 1, 2014, valid and enforceable. The bill states that it is declaratory of existing law.

S.B. 57

Patron: Marsden

Livable Home Tax Credit. Increases the total amount of tax credits granted for the Livable Home Tax Credit program in any fiscal year from $1 million to $2 million and increases the total amount of tax credits made available through the program allocated for purchase or construction of new residences from $500,000 to $1 million and the total amount allocated for retrofitting or renovation of existing residences from $500,000 to $1 million. The bill is a recommendation of the Virginia Disability Commission.

S.B. 623

Patron: McDougle

Research and development expenses tax credit. Increases beginning with taxable year 2014 the amount of the credit allowed from 15 percent of the first $167,000 to 15 percent of the first $234,000 of Virginia qualified research and development expenses, and from 20 percent of the first $175,000 to 20 percent of the first $234,000 of Virginia qualified research and development expenses conducted in conjunction with a Virginia institution of higher education. The bill increases the maximum annual amount of tax credits that may be issued each fiscal year from $5 million to $10 million. The bill allows a pass-through entity to elect to receive and claim any credit at the pass-through entity level in lieu of the credit being allocated to the individual partners, members, or shareholders of the pass-through entity. Finally, the bill requires any taxpayer applying for the credit to provide information to the Department of Taxation relating to the number of full-time employees of the taxpayer; the taxpayer's industry sector; the area, discipline, or field of Virginia qualified research performed by the taxpayer; the taxpayer's total gross receipts for the relevant taxable year; and whether the qualified research was performed in conjunction with a Virginia institution of higher education.