AMENDMENT PROPOSED BY THE HOUSE COMMITTEE ON FINANCE

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Requesting the Commission on State and Local Government Responsibility and Taxing Authority and the Governor's Commission on Tax Equity to study the advisability of reducing or eliminating the tangible personal property tax in the Commonwealth.

FLOOR AMENDMENT (BRICKLEY) AGREED TO BY HOUSE OF DELEGATES

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the Commission on State and Local Government Responsibility and Taxing Authority and the Governor's Commission on Tax Equity be requested to study the advisablity of reducing or eliminating the tangible personal property tax in the Commonwealth. In their deliberations, the Commissions shall (i) examine the fairness of the current system of taxing tangible personal property, (ii) determine the advantages and disadvantages of any alternative sources of revenue that may be authorized to offset any reduction or elimination of the tangible personal property tax, and (iii) consider the advisability of replacing the personal property tax with a local option income tax or sales tax.

The Commissions shall complete their work in time to submit their findings and recommendations to the Governor and the 1998 General Assembly for the processing of legislative documents.