SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

  • | print version

SB 995 Classification for business personal property.

Introduced by: William C. Mims | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Classification for business personal property. Establishes a separate class of tangible personal property for tax rate purposes consisting of business personal property used in manufacturing, testing, or operating satellites by a trade or business located within a Multicounty Transportation Improvement District, such as the Route 28 tax district. The classification applies only to property put into service within the District on or after July 1, 1999. The authorization for this classification expires on the first to occur of June 30, 2009, or the date that a special improvements tax is no longer levied on property within the Multicounty Transportation Improvement District. The rate of tax on property in this category shall not exceed the locality's machinery and tools tax rate. The measure also eliminates the classification for machines and tools assessed at $100 million or more and used in a commercial airline's maintenance, repair, and rebuilding facility.

SUMMARY AS INTRODUCED:

Classification for business personal property. Establishes a separate class of tangible personal property for tax rate purposes consisting of business personal property used in manufacturing, testing, or operating satellites by a trade or business located within a Multicounty Transportation Improvement District, such as the Route 28 tax district. The classification applies only to property put into service within the District on or after July 1, 1999. The authorization for this classification expires on the first to occur of June 30, 2009, or the date that a special improvements tax is no longer levied on property within the Multicounty Transportation Improvement District. The rate of tax on property in this category shall not exceed the locality's machinery and tools tax rate. The measure also eliminates the classification for machines and tools assessed at $100 million or more and used in a commercial airline's maintenance, repair, and rebuilding facility.