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1995 SESSION

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SB 898 Tangible personal property tax classifications.

Introduced by: H. Russell Potts, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Tangible personal property tax classifications. Establishes motor carrier transportation property as a separate class of property for tangible personal property tax purposes. By establishing such separate classification, a locality may tax such property at a rate that does not exceed the tangible personal property tax rate on machinery and tools. The classification applies to motor carrier transportation property as defined by the Interstate Commerce Commission, owned or used by a motor carrier of property providing transportation in interstate commerce. It also applies to any vehicle, machine, tractor, trailer, or semitrailer used upon highways in the transportation of passengers or property by a motor carrier. The classification does not apply to rolling stock of a certificated motor carrier, which is assessed state tax at a rate of one dollar per $100 of assessed value by the State Corporation Commission.


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