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. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/10/2006 | Prefiled and ordered printed; offered 01/11/06 062605832 |
01/10/2006 | Referred to Committee on Finance |
01/16/2006 | Fiscal impact statement from TAX (SB258) |
01/31/2006 | Stricken at request of Patron in Finance (15-Y 0-N) |