HB578: Income tax and personal property tax; allows localities to impose.

Chief Patron

Del. Vivian Watts (D-39)

Status

Bill is Dead

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Summary

Local piggyback income tax and personal property tax.  Allows localities to impose a local income tax at a rate of either 0.50% or 1% upon the Virginia taxable income of individuals, trusts, estates, and corporations provided the personal property tax rate does not exceed $0.01 per $100 of value on personally owned motor vehicles. The Tax Commissioner collects the tax and returns it to localities based on taxpayers' residences. A new classification for personal property tax purposes is created for motor vehicles used for nonbusiness purposes. The provisions of the act will take effect January 1, 2007.   View Full Text »