Machinery and tools tax; provides uniform statewide statutory classification for idle machinery. (SB1151)
Introduced By
Sen. Frank Wagner (R-Virginia Beach) with support from co-patrons Del. Danny Marshall (R-Danville), Del. Sam Nixon (R-Richmond), and Del. Bob Purkey (R-Virginia Beach)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Machinery and tools tax; idle machinery and tools; emergency clause. Provides a uniform statewide statutory classification and taxation for idle machinery and tools on a prospective basis by allowing such machinery and tools to be taxed as capital as long as they have not been used for at least one year prior to tax day and they have been identified in writing by the taxpayer to the commissioner of the revenue as such. The bill has an emergency clause. Read the Bill »
Status
03/09/2007: signed by governor
History
Date | Action |
---|---|
01/10/2007 | Prefiled and ordered printed with emergency clause; offered 01/10/07 07713312" SB1151" |
01/10/2007 | Prefiled and ordered printed with emergency clause; offered 01/10/07 077133129 |
01/10/2007 | Referred to Committee on Finance |
01/18/2007 | Impact statement from TAX (SB1151) |
01/25/2007 | Constitutional reading dispensed (39-Y 0-N) |
01/26/2007 | Read second time |
01/26/2007 | Reading of amendment waived |
01/26/2007 | Committee amendment agreed to |
01/26/2007 | Engrossed by Senate as amended SB1151E |
01/26/2007 | Printed as engrossed 077133129-E |
01/29/2007 | Read third time and passed Senate (40-Y 0-N) |
01/29/2007 | Communicated to House |
02/05/2007 | Placed on Calendar |
02/05/2007 | Read first time |
02/05/2007 | Referred to Committee on Finance |
02/05/2007 | Impact statement from TAX (SB1151E) |
02/12/2007 | Reported from Finance (22-Y 0-N) (see vote tally) |
02/13/2007 | Read second time |
02/14/2007 | Read third time |
02/14/2007 | Passed House BLOCK VOTE (95-Y 0-N) |
02/20/2007 | Enrolled |
02/20/2007 | Bill text as passed Senate and House (SB1151ER) |
02/21/2007 | Signed by Speaker |
02/22/2007 | Signed by President |
02/26/2007 | Impact statement from TAX (SB1151ER) |
03/09/2007 | G Approved by Governor-Chapter 159 (effective 7/1/07) |
03/09/2007 | G Approved by Governor-Chapter 159 (effective 1/1/07) |
03/14/2007 | G Acts of Assembly Chapter text (CHAP0159) |
Comments
This seems like a good idea. If you've got $1M in machinery idle b/c you went out of business, it's tough to fork over $40,000 (or whatever) to the county every year in prop. taxes.
Good job, Frank Wagner. At least somebody's thinking about something besides how to make it more legally perilous to drive home from a Xmas party after having a glass of eggnog.