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1999 SESSION

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SB 521 Tangible personal property tax, sales and use tax, etc.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tangible personal property tax, sales and use tax, and motor vehicle sales and use tax rates. Increases the state sales and use tax rate from 3.5 percent to five percent and increases the motor vehicle sales and use tax rate by two percent beginning July 1, 1998. The revenue generated by the rate increases will be distributed to counties, cities, and towns that adopt an ordinance fixing the rate of their tangible personal property tax at one cent per $100 of assessed value. Eligible counties will receive 16.6 percent, eligible cities will receive 12.7 percent, and eligible towns will receive 5.3 percent, of their total local revenue for the fiscal year ending June 30, 1996. If the new sales and titling tax revenues exceed the base amounts payable to the eligible localities, the eligible localities will receive a pro rata share of the surplus. If the new sales and titling tax revenues are less than the base amounts payable to the eligible localities, the distributions will be reduced pro rata. Distributions will be made as soon as practicable after the close of the fiscal year ending June 30, 1999, and subsequent fiscal years.


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