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1997 SESSION

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975697805
HOUSE BILL NO. 2100 Offered January 15, 1997 A BILL to amend and reenact § 58.1-3508.1 of the Code of Virginia, relating to classification of machinery and tools. ----------
Patrons-- Crouch, Abbitt, Bryant, Dudley and Putney; Senators: Hawkins and Newman
---------- Referred to Committee on Finance ----------

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.