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1999 SESSION

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SB 781 Sales and use tax liability of industrial development authorities.

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

SUMMARY AS PASSED:

Sales and use tax liability of industrial development authorities. Curtails the sales and use tax exemption currently available to industrial development authorities (IDAs) that purchase construction materials tax-free and furnish them to private companies. The measure excludes tangible personal property purchased by IDAs from the governmental sales tax exemption unless it is paid for out of public funds. An exception is carved out for the Advanced Shipbuilding and Carrier Integration Center.

SUMMARY AS PASSED SENATE:

Sales and use tax liability of industrial development authorities. Curtails the sales and use tax exemption currently available to industrial development authorities (IDAs) that purchase construction materials tax-free and furnish them to private companies. The measure excludes tangible personal property purchased by IDAs from the governmental sales tax exemption unless it is paid for out of public funds.

SUMMARY AS INTRODUCED:

Sales and use tax liability of industrial development authorities. Curtails the sales and use tax exemption currently available to industrial development authorities (IDAs) that purchase construction materials tax-free and furnish them to private companies. The measure excludes tangible personal property purchased by IDAs from the governmental sales tax exemption if it is, or is intended to be, furnished, sold or leased to another person in connection with the construction of real estate that will be used or occupied primarily by a nongovernmental entity or for nongovernmental purposes.