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2024 SESSION

• | print version

HB 1308 Tangible personal property; removes $950 million cap on amount of tax relief reimbursed to locality.

Introduced by: W. Chad Green | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tangible personal property tax relief; rate of taxation. Removes the $950 million cap, beginning in tax year 2025 and all tax years thereafter, on the amount of tangible personal property tax relief reimbursed to localities by the Commonwealth. The bill requires, for tax year 2025 and all tax years thereafter, each county, city, or town to reduce its local tax rate on qualifying vehicles to no greater than $0.000001 per $100 of assessed value of the qualifying vehicle.

FULL TEXT

• 01/10/24  House: Presented and ordered printed 24104790D  pdf | impact statement

HISTORY

• 01/10/24  House: Presented and ordered printed 24104790D
• 01/10/24  House: Referred to Committee on Finance
• 01/25/24  House: Assigned Finance sub: Subcommittee #2
• 01/30/24  House: Subcommittee recommends laying on the table (5-Y 3-N)
• 02/13/24  House: Left in Finance