Short-term rental property; definition/removes daily rental property defin. from merchants' capital. (HB2472)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Merchants' capital tax. Deems rented merchants' capital under contracts giving both the lessor and the lessee the right to terminate at any time to be daily rental property. Under current law, persons engaged in the short-term rental business cannot be taxed in an amount that exceeds one percent of the gross proceeds from daily rental property. Amends § 58.1-3510.4 (“Short-term rental property; short-term rental businesses.”), § 58.1-3510.7 (“Exemptions; penalties.”), of the Code of Virginia. View Full Text »

