SB260: Idle machinery and tools tax; certain exemptions.

Chief Patron

Frank Wagner (R-7)
Served: 2001–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

05/19/2006: vetoed by governor

View Entire History

01/10/2006 Prefiled and ordered printed; offered 01/11/06 062617832
01/10/2006 Referred to Committee on Finance
01/16/2006 Fiscal impact statement from TAX (SB260)
01/31/2006 Reported from Finance with substitute (15-Y 0-N)
02/01/2006 Committee substitute printed 063964832-S1
02/01/2006 Constitutional reading dispensed (39-Y 0-N)
02/01/2006 VOTE: (39-Y 0-N)
02/02/2006 Read second time
02/02/2006 Reading of substitute waived
02/02/2006 Committee substitute agreed to 063964832-S1
02/02/2006 Reading of amendment waived
02/02/2006 Amendment by Senator Wagner agreed to
02/02/2006 Engrossed by Senate - committee substitute with amendment SB260ES1
02/02/2006 Printed as engrossed 063964832-ES1
02/03/2006 Read third time and passed Senate (39-Y 0-N)
02/03/2006 VOTE: (39-Y 0-N)
02/03/2006 Communicated to House
02/14/2006 Placed on Calendar
02/14/2006 Read first time
02/14/2006 Referred to Committee on Finance
02/17/2006 Fiscal impact statement from TAX (SB260ES1)
02/27/2006 Reported from Finance with substitute (22-Y 0-N)
02/27/2006 Committee substitute printed 065231448-H1
02/28/2006 Read second time
03/01/2006 Read third time
03/01/2006 Committee substitute agreed to 065231448-H1
03/01/2006 Engrossed by House - committee substitute SB260H1
03/01/2006 Passed House with substitute (96-Y 1-N)
03/01/2006 VOTE: PASSAGE (96-Y 1-N)
03/01/2006 House substitute rejected by Senate (1-Y 38-N)
03/01/2006 VOTE: (1-Y 38-N)
03/01/2006 Reconsideration of House substitute agreed to by Senate (39-Y 0-N)
03/01/2006 VOTE: (39-Y 0-N)
03/01/2006 House substitute rejected by Senate (0-Y 38-N 1-A)
03/01/2006 VOTE: (0-Y 38-N 1-A)
03/01/2006 House insisted on substitute
03/01/2006 House requested conference committee
03/01/2006 Senate acceded to request (36-Y 0-N)
03/01/2006 VOTE: (36-Y 0-N)
03/01/2006 Conferees appointed by Senate
03/01/2006 Senators: Wagner, Hawkins, Lambert
03/01/2006 Conferees appointed by House
03/01/2006 Delegates: Purkey, Orrock, Caputo
03/03/2006 Conference substitute printed 065240832-S2
03/06/2006 Conference report agreed to by Senate (38-Y 0-N)
03/06/2006 VOTE: (38-Y 0-N)
03/06/2006 Conference report agreed to by House (84-Y 15-N)
03/06/2006 VOTE: ADOPTION (84-Y 15-N)
03/21/2006 Bill text as passed Senate and House (SB260ER)
03/21/2006 Enrolled
03/21/2006 Signed by Speaker
03/22/2006 Signed by President
03/23/2006 Fiscal impact statement from TAX (SB260ER)
04/11/2006 Governor's recommendation received by Senate
04/18/2006 Placed on Calendar
04/19/2006 Senate rejected Governor's recommendation (19-Y 19-N)
04/19/2006 VOTE: (19-Y 19-N)
04/19/2006 Chair votes No
04/19/2006 Communicated to Governor
05/19/2006 G Vetoed by Governor

Summary

Classification and taxation of property. Provides that in valuing machinery and tools for taxation, the commissioner of the revenue shall, if requested in writing, consider an independent appraisal submitted by the taxpayer. The bill also provides that, for taxable years beginning on or after January 1, 2007, certain certified pollution control equipment and facilities are exempt from state and local taxation, pursuant to Section 6 of Article X of the Constitution of Virginia. Finally, the bill requires that the Tax Commissioner convene a working group to consider several issues relating to the assessment and valuation for appraisals relating to machinery and tools, and to report by November 1, 2006. Further, the bill clarifies that idle machinery and tools are intangible capital segregated for state, not local, taxation. View Full Text »

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Bill Text

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