Income tax and personal property tax; allows localities to impose. (HB578)
Introduced By
Del. Vivian Watts (D-Annandale)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Local piggyback income tax and personal property tax. Allows localities to impose a local income tax at a rate of either 0.50% or 1% 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, 2007. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/10/2006 | Prefiled and ordered printed; offered 01/11/06 064132544 |
01/10/2006 | Referred to Committee on Finance |
01/18/2006 | Assigned to Finance sub-committee: #1 (Orrock) |
01/31/2006 | Fiscal impact statement from TAX (HB578) |
02/15/2006 | Left in Finance |