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