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2014 SESSION

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Senate Committee on Finance

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

Clerk: Patty Lung, Wesley Bland
Staff: Nicole Brenner, Mark Vucci
Date of Meeting: February 19, 2014
Time and Place: 9:00 a.m. - Senate Room B
Revised to add HB 737

H.B. 589

Patron: Davis

Personal property tax; exemption for household goods. Provides that the personal property tax exemption for household goods includes property primarily used for household purposes, and property, such as cell phones, that are used inside and outside a person's home.

H.B. 593

Patron: O'Quinn

Entitlement to certain sales and use tax revenues; City of Bristol and Washington County. Expands the payments of sales and use tax revenue generated on the premises of a public facility located in the City of Bristol used to pay bonds issued to construct the public facility to include a public facility located in a portion of Washington County, if the two localities agree. The provisions of provisions shall not apply to existing retail establishments in a development of regional impact so long as such retail establishments remain in the locations they occupied on January 1, 2014.

H.B. 617

Patron: Davis

Personal property tax; classification. Creates a classification for personal property tax rate purposes of property owned by a business during its first two years of operation, if the business's annual gross revenues do not exceed $100,000. A locality may impose a rate of tax on such property that is lower than the rate on the general class of tangible personal property.

H.B. 737

Patron: O'Bannon

Neighborhood Assistance tax credits; percentage increase. Increases the percentage of persons served by a neighborhood organization and who are low-income, as defined in § 58.1-439.18, from 40% to 50%, for purposes of applying to the Department of Social Services for an allocation of neighborhood assistance tax credits for use by business firms making donations to the neighborhood organization.

H.B. 1000

Patron: Minchew

Real property tax exemption; elderly and disabled. Provides that the real property tax exemption for the sole dwelling of  the elderly and disabled includes dwellings held by certain trusts.  The bill also provides that if a locality establishes income restrictions for the exemption, then the locality shall exclude (i)the income of relatives living in the dwelling providing caregiving services whether or not they are compensated and (ii) the income of non-relative caregivers living in the home whether or not they are compensated. 

H.B. 1095

Patron: Peace

Innovation and Technology Transportation Fund. Creates the Innovation and Technology Transportation Fund to fund pilot programs and fully developed initiatives pertaining to high-tech infrastructure improvements and requires the Commonwealth Transportation Board to allocate certain moneys to the Fund.

H.B. 1108

Patron: Hester

Motor vehicle sales and use tax; exemptions. Exempts from the motor vehicle sales and use tax motor vehicles sold to a § 501(c)(3) organization that are primarily used by the organization to transport to markets for sale produce that is (i) produced by local farmers and (ii) sold by such farmers to the organization.

H.B. 1191

Patron: Massie

Secretary of Commerce and Trade; annual reports evaluating the effectiveness of certain economic development incentive programs. Requires the Secretary of Commerce and Trade to submit an annual report to the Chairs of the Senate Finance and the House Appropriations and Finance Committees on the effectiveness of economic development incentive programs administered by the Commonwealth.