Motor vehicle sales and use tax; definition of sale price. (HB199)
Introduced By
Del. Bob Marshall (R-Manassas)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Sales and use tax and motor vehicle sales and use tax; definition of sale price. Reduces the sale price (i) for determining general sales and use tax by any cash rebates and (ii) for determining motor vehicle sales and use tax by any cash discount allowed and taken; any finance charges, carrying charges, service charges or interest from credit extended on sales of tangible personal property under conditional sale contracts or other conditional contracts providing for deferred payments of the purchase price; any separately stated local property taxes collected; or any cash rebates. Where used articles are taken in trade, or in a series of trades as a credit or part payment on the sale of new or used articles, the tax levied by this chapter shall be paid on the net difference between the sales price of the new or used articles and the credit for the used articles. The reductions in sale price for the motor vehicle sales and use tax (other than cash rebates) are the same reductions allowed for general sales and use tax under current law. Amends § 58.1-2401, § 58.1-602, of the Code of Virginia. View Full Text »
Outcome
History
- 01/03/2006 Prefiled and ordered printed; offered 01/11/06 065151396
- 01/03/2006 Referred to Committee on Finance
- 01/18/2006 Assigned to Finance sub-committee: #2 (Purkey)
- 01/31/2006 Fiscal impact statement from DPB (HB199)
- 02/06/2006 Stricken at request of Patron in Finance