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

Introduced By

Sen. Frank Wagner (R-Virginia Beach)

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

History