Machinery and tools tax; method of valuation thereof for income tax purposes. (HB1290)

Introduced By

Del. Chris Saxman (R-Staunton)

Progress

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

Description

Machinery and tools tax; method of valuation. Requires commissioners of the revenue, in valuing machinery and tools to consider any bona fide, independent appraisal presented by the taxpayer. The bill would also provide that idle machinery and tools used in certain businesses be taxable as capital and subject to the State intangible personal property tax (the Commonwealth currently exempts intangible personal property from tax). Finally, the bill would require the Tax Commissioner to examine and report on certain related issues. Read the Bill »

Status

05/19/2006: vetoed by governor

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 062625496
01/11/2006Referred to Committee on Finance
01/20/2006Assigned to Finance sub-committee: #1 (Orrock)
01/23/2006Fiscal impact statement from TAX (HB1290)
02/06/2006Reported from Finance with substitute (22-Y 0-N)
02/06/2006Committee substitute printed 069211496-H1
02/07/2006Read first time
02/08/2006Read second time
02/08/2006Committee substitute agreed to 069211496-H1
02/08/2006Engrossment reconsidered by House
02/08/2006Engrossed by House - committee substitute HB1290H1
02/09/2006Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/09/2006VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
02/09/2006Communicated to Senate
02/10/2006Constitutional reading dispensed
02/10/2006Referred to Committee on Finance
02/17/2006Fiscal impact statement from TAX (HB1290H1)
02/22/2006Reported from Finance with substitute (14-Y 1-N)
02/22/2006Committee substitute printed 069236496-S1
02/23/2006Constitutional reading dispensed (40-Y 0-N)
02/23/2006VOTE: (40-Y 0-N)
02/24/2006Read third time
02/24/2006Passed by for the day
02/27/2006Read third time
02/27/2006Reading of substitute waived
02/27/2006Committee substitute agreed to 069236496-S1
02/27/2006Engrossed by Senate - committee substitute HB1290S1
02/27/2006Passed Senate with substitute (35-Y 4-N)
02/27/2006VOTE: (35-Y 4-N)
02/28/2006Placed on Calendar
03/01/2006Motion to reconsidered pass by for the day agreed to
03/01/2006Passed by for the day
03/02/2006Senate substitute agreed to by House (83-Y 17-N)
03/02/2006VOTE: ADOPTION (83-Y 17-N)
03/09/2006Enrolled
03/09/2006Signed by President
03/09/2006Bill text as passed House and Senate (HB1290ER)
03/10/2006Signed by Speaker
03/22/2006Fiscal impact statement from TAX (HB1290ER)
04/11/2006Governor's recommendation received by House
04/18/2006Placed on Calendar
04/19/2006House rejected Governor's recommendation (47-Y 52-N)
04/19/2006VOTE: REJECTED (47-Y 52-N)
04/19/2006Communicated to Governor
05/19/2006G Vetoed by Governor