VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2004 SPECIAL SESSION I

• | print version

SB 5005 Personal Property Tax Relief Act of 1998; changes to a Local-Option Program.

Introduced by: J. Brandon Bell, II | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Personal property tax relief. Modifies the Personal Property Tax Relief Act of 1998 by setting the total statewide reimbursement amount at $950 million for tax years 2006 and thereafter. Each county's, city's, or town's share of the $950 million for each such tax year shall be determined pro rata based upon the actual payments to such county, city, or town for tax year 2005 as compared to the actual payments to all counties, cities, and towns for tax year 2005.

SUMMARY AS INTRODUCED:

Local-Option Personal Property Tax Relief on Motor Vehicles. Changes the current personal property tax relief program for motor vehicles to make it a local option program beginning January 1, 2005. The reimbursements to local governments under the current program would end in calendar year 2004. The bill also provides that tangible personal property taxes would be payable no less frequently than semiannually. Ninety percent of the appropriation savings from elimination of such reimbursements would be appropriated for public education purposes.

Under the bill, the sales and use tax rate on food would be fixed at the rate of four percent, three percent state and one percent local.