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2014 SESSION

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HB 617 Personal property tax; classification.

Introduced by: Glenn R. Davis | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Personal property tax; classification. Authorizes a locality to establish lower personal property tax rates on the tangible property of businesses that locate for the first time in the locality. The lower rates would apply for the first two tax years that the business is subject to the personal property tax. If a locality has enacted an exemption from the local license tax or fee (BPOL) for beginning businesses, only those beginning businesses that qualify for such exemption may be eligible for the lower personal property tax rates.

SUMMARY AS INTRODUCED:

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.