Machinery and tools; classification as intangible personal property, exemption from local tax. (HB613)

Introduced By

Del. Bob Purkey (R-Virginia Beach) with support from co-patrons Del. Ben Cline (R-Amherst), Del. Albert Pollard (D-Lively), Del. Ron Villanueva (R-Virginia Beach), Del. Lee Ware (R-Powhatan), and Sen. Frank Wagner (R-Virginia Beach)

Progress

√
 Introduced
√
 Passed Committee
X
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

Personal property tax; machinery and tools.  Classifies new investments in machinery and tools for manufacturing, processing and reprocessing, mining, and television broadcasting made after July 1, 2010, as intangible personal property and not subject to local property tax.   View Full Text »

Outcome

Bill Has Failed
View Bill's History

Comments

Waldo Jaquith writes:

What do you call the converse of an unfunded mandate?

Posted 25 months ago.
robert legge writes:

Isn't this under the purview of the local governing boards? Why not simply let them decide how they want to tax such stuff.

Posted 25 months ago.