Machinery and Tools Investment Grant Program; created. (SB549)
Introduced By
Sen. Frank Wagner (R-Virginia Beach) with support from 9 copatrons, whose average partisan position is:
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
√ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Intangible personal property tax; machinery and tools. Classifies as intangible personal property, and therefore subject solely to state taxation, machinery and tools purchased on or after July 1, 2012, that have not been in service for more than three years. Amends § 58.1-3507 (“Certain machinery and tools segregated for local taxation only; notice prior to change in valuation, hearing.”), of the Code of Virginia. View Full Text »
Outcome
In the News
Senate Offers Relief on Machinery Tax
February 20, 2012
The House and Senate seem headed in different directions on whether to give businesses relief from the machinery and tools tax levied by local governments. The Senate passed a bill to give businesses grants to offset the tax on newly purchased equipment for the first two years. Meanwhile, the House rejected legislation to exempt from taxation machinery and tools for three years after they’ve been purchased.
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