Machinery and tools tax; method of valuation for federal income tax purposes. (SB258)

Introduced By

Sen. Frank Wagner (R-Virginia Beach)

Progress

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

Description

Machinery and tools tax; method of valuation. Requires machinery and tools that are placed in service on or after July 1, 2006, to be valued at their depreciated basis for federal income tax purposes if the owner has depreciated their value pursuant to the Internal Revenue Code. Such machinery and tools that were placed in service prior to July 1, 2006, will be valued commencing in 2010 at their depreciated basis for federal income tax purposes, and between 2006 and 2010 the valuation will be determined by a phased-in blending of the value determined by the method in effect on January 1, 2006, and by its depreciated basis for federal income tax purposes. Amends § 58.1-3507, § 58.1-3508.1, § 58.1-3518, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2006Prefiled and ordered printed; offered 01/11/06 062605832
01/10/2006Referred to Committee on Finance
01/16/2006Fiscal impact statement from TAX (SB258)
01/31/2006Stricken at request of Patron in Finance (15-Y 0-N)