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1997 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3508.1 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3508.1. Separate classification of machinery and tools used in semiconductor manufacturing.
Machinery and tools used in semiconductor manufacturing or food processing
shall constitute classifications a classification
for local taxation separate from other classifications of machinery and
tools as defined in § 58.1-3507. The governing body of any county, city or
town may levy a tax on such classifications classification
of property at a different rates rate
from the tax levied on other machinery and tools. The
rates rate of tax and the rates
rate of assessment shall not exceed that applicable generally to
machinery and tools.
2. That any county, city, or town which adopted a separate classification for machinery and tools used in food processing prior to July 1, 1997, shall be permitted to continue to levy a machinery and tools tax on such class of property at a rate different from that applicable generally to machinery and tools.