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2018 SESSION

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Senate Committee on Finance

Co-Chair: Thomas K. Norment, Jr. - Co-Chair: Emmett W. Hanger, Jr.

Clerk: John Garrett
Staff: Lisa Wallmeyer
Date of Meeting: February 14, 2018
Time and Place: 9:00 AM Committee Room B Ground Floor Pocahontas Building

H.B. 119

Patron: Thomas

Merchants' capital tax; classification. Creates a separate class for merchants' capital of any wholesaler reported as inventory that is located, and is normally located, in a structure that contains at least 100,000 square feet, with at least 100,000 square feet used solely to store such inventory. Any locality may impose a tax rate on such inventory that is lower than that applicable generally to merchants' capital.

H.B. 124

Patron: Austin

Real property tax; general reassessment. Authorizes Bedford County to perform a general reassessment of real property every five or six years instead of every four years.

H.B. 179

Patron: Collins

Bonds issued for the construction of public facilities; municipal authority to retain sales tax revenues from such facilities. Extends until July 1, 2020, the authority of any municipality to issue bonds for the construction of certain public facilities and retain sales and use tax revenue generated within such facilities to pay off such bonds. Under current law, such authority expired on July 1, 2017.

H.B. 190

Patron: Hope

Real property tax; boards of equalization. Provides that applications for relief from real property assessments sent electronically to boards of equalization are deemed received on the date applicants send the applications.

H.B. 495

Patron: Hodges

Secrecy of tax information; authorizes localities to disclose information to third party contractors. Authorizes local commissioners of the revenue, treasurers, directors of finance, or other similar local officials to disclose tax information to nongovernmental entities with which their locality has contracted to provide services that assist it in the administration of refund processing or other non-audit services related to the administration of taxes. The bill prohibits such third party contractors from disclosing the tax information to other parties.

Under current law, only the Department of Taxation is authorized to disclose tax information to nongovernmental entities with which it has contracted to provide services.

H.B. 786

Patron: Keam

Local taxes; appeal to court. Provides that on an appeal to court for relief from local taxes, the taxpayer shall not be required to show that the assessment is a result of manifest error or disregard of controlling evidence. The bill contains technical amendments.

H.B. 787

Patron: Keam

Real property taxes; appeals to boards of equalization. Provides that on appeal of a real property assessment to a board of equalization, the taxpayer shall not be required to show that the assessment is a result of manifest error or disregard of controlling evidence.

H.B. 788

Patron: Keam

Requirements that paid tax return preparers use identification numbers; civil penalty. Directs the Department of Taxation (the Department) to require paid tax return preparers to provide their federal Preparer Tax Identification Number (PTIN) when preparing or assisting in preparing tax returns. The bill authorizes the Department to bar or suspend tax return preparers for repeated failure to provide their PTIN and imposes a civil penalty of $50 for each failure to provide a PTIN, not to exceed $25,000 per year. The bill requires the Department to promulgate regulations for using the PTIN as an oversight mechanism to identify patterns of fraud. In addition, the bill directs the Department to establish information-sharing protocols with the Internal Revenue Service and authorizes the Department to establish similar protocols with other states.

H.B. 871

Patron: Orrock

Real property tax; land use valuation. Provides that (i) land devoted to agricultural use includes land devoted to the sale of products made from plants and animals located on the property, (ii) land devoted to horticultural use includes land devoted to plants and the sale of products made from horticultural items, (iii) the agreement pursuant to soil and water conservation programs that qualifies land as devoted to agricultural or horticultural uses may be made with the Commonwealth, (iv) land designated for use value assessment shall not lose such designation solely because of its location in a newly created zoning district that was not requested by the property owner, and (v) if the state uniform standards for eligibility for real estate devoted to agricultural use or horticultural use require a minimum length of time of a specified use, then the use of other similar property by a lessee of the owner shall be included in calculating such time, and the Commissioner of Agriculture and Consumer Services shall include in the uniform standards a shorter length of time for real estate with no prior qualifying use, provided that the owner submits a written document of the owner's intent regarding use of the real estate containing elements set out in the uniform standards.

H.B. 894

Patron: Webert

Real property tax; exemption. Specifies that a single member limited liability company whose sole member is a nonprofit organization is eligible to be considered for a property exemption by a locality the same as other nonprofit organizations.

H.B. 1092

Patron: Hodges

Tax increment financing; dredging projects. Specifies that dredging projects, other than projects of the Virginia Port Authority, are development projects eligible for tax increment financing.