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1996 SESSION

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HB 741 Intangible personal property tax; equipment as capital.

Introduced by: Jay W. DeBoer | all patrons    ...    notes | add to my profiles

SUMMARY:

Intangible personal property tax; equipment as capital. Includes office furniture, fixtures, office equipment and computer equipment, used in the headquarters of a manufacturer, under the classification of capital which is personal property, tangible in fact, but is treated as intangible for tax purposes and therefore not subject to local personal property tax. This bill codifies the Virginia Supreme Court's holding in City of Winchester v. American Woodmark Corp.


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