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)

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

History