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2016 SESSION

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Senate Committee on Finance

Co-Chair: Thomas K. Norment, Jr. - Co-Chair: Emmett W. Hanger, Jr.

Clerk: Patty Lung
Staff: Lisa Wallmeyer, Nicole Brenner
Date of Meeting: February 24, 2016
Time and Place: 9:00 a.m. - Senate Room B
Revised to add HB's 63, 421, 1147 & 1344

H.B. 15

Patron: Ware

Personal property tax; classifications. Provides that if an item of tangible personal property falls within multiple classifications for local taxation, the rate of taxation is the lowest rate assigned to such classifications. Current law provides that such personal property tax treatment applies only to motor vehicles and to computer equipment and peripherals used in a data center.

H.B. 63

Patron: Lingamfelter

Sales and use tax; exemption for certain nonprofit entities. Provides exemptions from sales and use tax and local license taxes for certain nonprofit veterans organizations. The sales and use tax exemption shall not be used by a nonprofit veterans organization for purchases of tangible personal property that are used primarily (i) for social and recreational activities for members or (ii) for providing insurance benefits to members or members' dependents.

H.B. 268

Patron: Marshall, D.W.

Land Bank Entities Act. Authorizes the establishment of a land bank entity by any locality or two or more localities combined to assist in addressing vacant, abandoned, and tax-delinquent real properties. Under the bill,  the locality has the option of (i) creating an authority or a nonprofit, nonstock corporation or (ii) designating an existing nonprofit entity that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality pursuant to § 15.2-953 to carry out the functions of such land entity. The bill provides that land bank entities may acquire real property within participating localities or receive transfers and conveyances from the participating localities. Land bank entities are authorized to receive funding through grants and loans from participating localities, the Commonwealth, the federal government, and other public and private sources. In addition, the bill authorizes a locality to deem paid in full all accumulated taxes, penalties, interest, and other costs on any tax-delinquent property in exchange for conveyance of the property by the owner to a land bank entity. The bill also authorizes a participating locality to remit to the land bank entity up to 50 percent of the real property taxes collected on real property conveyed by a land bank entity for up to 10 years after the conveyance. This bill is a recommendation of the Virginia Housing Commission.

H.B. 369

Patron: Bell, Richard P.

State Executive Council for Children's Services; state and local advisory team; membership. Adds to the membership of the State Executive Council for Children's Services (the Council)(i) the chairman of the state and local advisory team and (ii) a representative who has previously received services through the Children's Services Act, to be appointed by the Governor with recommendations from certain entities. The bill also adds to the membership of the state and local advisory team a representative who has previously received services through the Children's Services Act, to be appointed by the Council with recommendations from certain entities.

H.B. 421

Patron: Helsel

Real property tax exemptions; military members and their surviving spouses. Extends the property tax exemptions for the principal  residences of certain disabled veterans and surviving spouses of members of the armed forces killed in action to include real property improvements made to the land surrounding such residences so long as the principal use of the improvement is (i) to house or cover motor vehicles or household goods and personal effects and (ii) for other than
a business purpose.

Article X, Section 6-A of the Constitution of Virginia exempts from local real property taxes the principal residences of (i) veterans with a 100 percent service-connected, permanent, and total disability and (ii) surviving spouses of members of the armed forces killed in action. Under the Code of Virginia, in general, up to one acre upon which the principal residence is situated is also exempt from local property taxes. This bill extends the exemption to other improvements made to such one acre so long as the principal use of the improvement is (i) to house or cover motor vehicles or household goods and personal effects and (ii) for other than a business purpose.

The provisions of the bill are effective for tax years beginning on or after January 1, 2017.

H.B. 526

Patron: Hodges

Living shorelines; tax exemption. Provides that any living shoreline project approved by the Virginia Marine Resources Commission or the applicable local wetlands board and not prohibited by local ordinance shall qualify for full exemption from local property taxes.

H.B. 590

Patron: Poindexter

Research and development expenses tax credit; reporting requirement. Requires the Department of Taxation to include in its annual report to the Governor on revenue collections by tax source information regarding the number of applicants and tax credits approved for the research and development expenses tax credit. This replaces the current requirement that the Virginia Economic Development Partnership include this information in its annual report on Business Incentives.

H.B. 643

Patron: Leftwich

The Department of Taxation; limitations on collecting taxes. Provides that the Department of Taxation shall cease efforts to collect a tax seven years after assessment of the tax. The bill applies only to tax assessments made on or after July 1, 2016.

H.B. 1068

Patron: Jones

Advanced Shipbuilding Production Facility Grant Program. Establishes a grant program for capital or lease cost of a new facility related to the production of a class of nuclear warships for the United States Navy not previously built in Virginia. The grants may also be expended on a new or existing facility and equipment used to cast metal components used in advanced shipbuilding. Grants would be paid to an eligible shipbuilder based in Newport News or to the City of Newport News that (i) makes a new capital investment of at least $750 million for production facilities and (ii) creates at least 1,000 new full-time jobs. A maximum of $46 million in grants would be paid between 2017 and 2026.

H.B. 1089

Patron: Cline

Virginia Lottery Fund; administrative expenses. Reduces the cap on appropriations to the Virginia Lottery for the operation and administration of the lottery during any fiscal year, exclusive of agent compensation, from no more than 10 percent to no more than eight percent of the total annual estimated gross revenues to be generated from lottery sales. The bill has a delayed effective date of July 1, 2017.

H.B. 1147

Patron: Hope

Transient occupancy tax; Arlington County. Reinstates the authority of Arlington County, which expired pursuant to a January 1, 2012, sunset date, to impose an additional transient occupancy tax at a rate not to exceed one-fourth of one percent. The revenues from the tax shall be spent solely for the purpose of promoting tourism and business travel in the county. The bill has a sunset date of July 1, 2018.

H.B. 1344

Patron: Jones


Bonds; certain capital projects. Authorizes the Virginia Public Building Authority and the Virginia College Building Authority to issue bonds in a total aggregate amount not to exceed $1,504,400,000 plus costs to fund certain capital projects.