HB472: Income tax, state, and personal property tax; local piggyback imposition.

Chief Patron

Del. Vivian Watts (D-39)

Vivian Watts (D-39)
Annandale, VA
Served: 1996–

Progress

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

Status

02/12/2008: Failed to Pass in Committee

View Entire History

Summary

Local piggyback income tax and personal property tax.  Allows localities to impose a local income tax at a rate of either 0.50 percent or one percent 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, 2009.