Income and personal property taxes; localities to impose. (HB2611)

Introduced By

Del. Vivian Watts (D-Annandale) with support from co-patron Del. Jim Scott (D-Merrifield)

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, 2008. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2007Committee
01/10/2007Prefiled and ordered printed; offered 01/10/07 078872544
01/10/2007Referred to Committee on Finance
01/18/2007Assigned Finance sub: #2 (Ware, R.L.)
01/23/2007Impact statement from TAX (HB2611)