Retail Sales and Use Tax; distribution to certain localities. (HB423)

Introduced By

Del. Dave Nutter (R-Christiansburg)

Description

Sales and use tax; distribution to certain localities. Distributes certain sales and use tax revenues to localities that have experienced a reduction in machinery and tools tax revenues of at least 50% during the two most recently ended fiscal years, excluding any reduction due to a decrease in the tax rate. The annual amount to be distributed shall be the lesser of one-half of the annual amount distributed to the county, city, or town pursuant to 58.1-605, or one-half of the two-year reduction in the machinery and tools tax revenues for the locality. Such annual payments shall continue until the fiscal year immediately following two successive fiscal years in which the county's, city's, or town's total machinery and tools tax revenues for those two fiscal years equal or exceed 80% of the amount of such revenues collected in the two-year period immediately preceding the two fiscal years in which there was at least a 50% reduction in such revenues. Read the Bill »

Outcome

History