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2020 SESSION

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HB 1021 Personal property tax; farm machinery, classification of forest harvesting.

Introduced by: Les R. Adams | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Personal property tax; forest harvesting machinery and equipment. Provides that a locality may exempt from tangible personal property taxes certain farm machinery and farm implements, which shall include equipment and machinery used for forest harvesting and silvicultural activities.

SUMMARY AS INTRODUCED:

Personal property tax; farm machinery; classification of forest harvesting and silvicultural activity equipment. Provides that for the purposes of local personal property tax exemptions, "farm machinery" includes any machinery designed solely for the planting, production, or harvesting of any agricultural product, as defined in § 3.2-6400. The bill removes forest harvesting and silvicultural activity equipment from the list of property that may be classified separately and taxed at a lower rate than general personal property. Forest harvesting and silvicultural activity equipment that is not exempted from property taxes is also added to the list of property separately classified for valuation purposes, but not for rate purposes. The bill contains a nonseverability clause.