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1996 SESSION
SB 124 Tax exempt property.
Introduced by: Charles J. Colgan | all patrons ... notes | add to my profiles
SUMMARY:
Tax exempt property. Allows leased tax exempt property to maintain its tax exempt status when rent from the property is applied to reduce the principal of a loan against the property, if the loan is held by a political subdivision of the Commonwealth and the lessee is a § 501 (c) (3) entity using the property exclusively for charitable purposes. Currently, property loses its tax exempt status if it is leased or is a source of revenue or profit. This measure overturns the Virginia Supreme Court's holding in City of Newport News v. Warwick County that the reduction of indebtedness against property by payment of principal of a loan out of earnings from the property is profit.
FULL TEXT
- 01/10/96 Senate: Presented & ordered printed 962017633 pdf
- 03/18/96 Senate: Bill text as passed Senate and House (SB124ER) pdf
- 04/09/96 Governor: Acts of Assembly Chapter text (CHAP0534) pdf
HISTORY
- 01/10/96 Senate: Presented & ordered printed 962017633
- 01/10/96 Senate: Referred to Committee on Finance
- 01/23/96 Senate: Reported from Finance (17-Y 0-N)
- 01/24/96 Senate: Const. reading disp. (40-Y 0-N), passed by for the day
- 01/24/96 Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
- 01/25/96 Senate: Read second time and engrossed
- 01/26/96 Senate: Read third time and passed Senate (39-Y 0-N)
- 01/26/96 Senate: VOTE: PASSAGE (39-Y 0-N)
- 01/26/96 Senate: Communicated to House
- 01/29/96 House: Placed on Calendar
- 01/30/96 House: Read first time
- 01/30/96 House: Referred to Committee on Finance
- 02/14/96 House: Assigned to Finance sub-committee: 1
- 02/28/96 House: Reported from Finance (22-Y 0-N)
- 02/29/96 House: Read second time
- 03/01/96 House: Read third time
- 03/01/96 House: Passed House (Block Vote) ( 98-Y 0-N)
- 03/01/96 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 03/18/96 Senate: Bill text as passed Senate and House (SB124ER)
- 03/25/96 Senate: Enrolled
- 03/25/96 House: Signed by Speaker
- 03/26/96 Senate: Signed by President
- 04/03/96 Governor: Approved by Governor-Chapter 534 (effective 7/1/96)
- 04/09/96 Governor: Acts of Assembly Chapter text (CHAP0534)