SEARCH SITE
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.
2024 SESSION
SB 126 Personal property; tax relief for qualifying vehicles, reimbursement and appropriation.
Introduced by: Christie New Craig | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Personal property tax relief; qualifying vehicles; reimbursement and appropriation. Provides for a portion of the general fund surplus at the close of the immediately preceding fiscal year to be appropriated for increased car tax relief.
If more than $250 million in general fund surplus remains after all mandatory assignments under current law, then the total amount the Commonwealth shall pay in reimbursements to localities for providing required tangible personal property tax relief on qualifying vehicles for the immediately following tax year, beginning in tax year 2025, shall be $950 million plus up to 25 percent of the remaining surplus. In such case, the surplus amount would be held in reserve for appropriation for such tax relief and not further assigned by the Comptroller.
If less than $250 million in general fund surplus remains after such mandatory assignments, the total amount of reimbursements from the Commonwealth to localities would remain at $950 million, the fixed amount under current law, and the remaining surplus would be assigned by the Comptroller for nonrecurring expenditures.
Also beginning in tax year 2025, the bill increases from $20,000 to $30,000 the base vehicle value for which a county, city, or town shall establish its tangible personal property tax rate for each qualifying vehicle and reimbursements from the Commonwealth therefor.
FULL TEXT
HISTORY
- 01/05/24 Senate: Prefiled and ordered printed; offered 01/10/24 24102228D
- 01/05/24 Senate: Referred to Committee on Finance and Appropriations
- 02/06/24 Senate: Continued to 2025 in Finance and Appropriations (15-Y 0-N)