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2010 SESSION

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10104040D
HOUSE BILL NO. 1301 Offered January 21, 2010 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3510.6:01, relating to the short-term rental property tax. ---------- Patrons-- Lohr and Landes ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding a section numbered 58.1-3510.6:1 as follows:

§ 58.1-3510.6:01. Exemption from the short-term rental property tax.

A. The governing body of any county, city, or town levying the tax authorized by this article may, by ordinance, exempt from such tax any person engaged in the short-term rental business under subdivision B 1 or B 2 of § 58.1-3510.4, provided that the gross proceeds of such person from all short-term rental property transactions entered into during the preceding year were not in excess of $25,000.

B. Such ordinance may also exempt from such tax any person who has not previously rented short-term rental property or a beginning business, provided that (i) the person files an application for a certificate of registration pursuant to § 58.1-3510.5, (ii) the commissioner of the revenue determines that the person likely will be engaged in the short-term rental business under subdivision B 1 or B 2 of § 58.1-3510.4 for the respective year, and (iii) the commissioner of the revenue determines that, based upon a reasonable estimate provided by the person, the gross proceeds of such person from all short-term rental property transactions are likely not to exceed $25,000 for the respective year. The $25,000 threshold shall be prorated for persons who first begin conducting business subsequent to the first day of the county's, city's, or town's tax year.