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2012 SESSION
12102651DBe it enacted by the General Assembly of Virginia:
1. That § 1 of Chapter 200 of the Acts of Assembly of 2010 is amended and reenacted as follows:
§ 1. City of Richmond tax amnesty program established.
A. There is hereby established the City of Richmond tax
amnesty program. The program shall be administered by the director of finance,
and any person, individual, corporation, estate, trust, or partnership required
to file a personal property
or machinery and tools local tax return or to pay any local personal
property tax, machinery and tools tax or real property tax
shall be eligible to participate, subject to the requirements set forth below
and guidelines established by the director of finance. The director of finance
may require participants in the program to complete an amnesty application and
such other forms as he may prescribe, and to furnish any additional information
he deems necessary to make a determination regarding the validity of such
amnesty application.
B. The tax amnesty program may have the following features:
1. Civil
penalties assessed or assessable and interest,
either or both, as provided for in Title 58.1, which are
the result of nonpayment, underpayment, nonreporting or underreporting of personal property,
machinery and tools, or real property one or more types of local tax liabilities, may be waived
upon receipt of the payment of the amount of those taxes and interest, if interest is not waived,
owed with the following exceptions:
a. No person, individual, corporation, estate, trust, or partnership currently, or at the inception of this program, under investigation or prosecution for filing a fraudulent return or failing to file a return with the intent to evade tax shall qualify to participate.
b. Any other parameters as deemed reasonable and fiscally responsible by the Mayor and the City Council.
C. For purposes of computing the outstanding balance due to
the nonpayment, underpayment, nonreporting or underreporting of any personal property,
machinery and tools, or real property local tax liability which has
not been assessed prior to the first day of the program, the rate of interest specified
for omitted taxes and assessments under § 58.1-3916 shall be applicable unless interest is waived pursuant to subsection B.