Machinery and tools tax; provides uniform statewide statutory classification for idle machinery. (SB1151)

Introduced By

Sen. Frank Wagner (R-Virginia Beach) with support from co-patrons Del. Danny Marshall (R-Danville), Del. Sam Nixon (R-Richmond), and Del. Bob Purkey (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Machinery and tools tax; idle machinery and tools; emergency clause. Provides a uniform statewide statutory classification and taxation for idle machinery and tools on a prospective basis by allowing such machinery and tools to be taxed as capital as long as they have not been used for at least one year prior to tax day and they have been identified in writing by the taxpayer to the commissioner of the revenue as such. The bill has an emergency clause. Amends § 58.1-3507, of the Code of Virginia. Read the Bill »

Status

03/09/2007: signed by governor

History

DateAction
01/10/2007Prefiled and ordered printed with emergency clause; offered 01/10/07 07713312" SB1151"
01/10/2007Prefiled and ordered printed with emergency clause; offered 01/10/07 077133129
01/10/2007Referred to Committee on Finance
01/18/2007Impact statement from TAX (SB1151)
01/25/2007Constitutional reading dispensed (39-Y 0-N)
01/26/2007Read second time
01/26/2007Reading of amendment waived
01/26/2007Committee amendment agreed to
01/26/2007Engrossed by Senate as amended SB1151E
01/26/2007Printed as engrossed 077133129-E
01/29/2007Read third time and passed Senate (40-Y 0-N)
01/29/2007Communicated to House
02/05/2007Placed on Calendar
02/05/2007Read first time
02/05/2007Referred to Committee on Finance
02/05/2007Impact statement from TAX (SB1151E)
02/12/2007Reported from Finance (22-Y 0-N) (see vote tally)
02/13/2007Read second time
02/14/2007Read third time
02/14/2007Passed House BLOCK VOTE (95-Y 0-N)
02/20/2007Enrolled
02/20/2007Bill text as passed Senate and House (SB1151ER)
02/21/2007Signed by Speaker
02/22/2007Signed by President
02/26/2007Impact statement from TAX (SB1151ER)
03/09/2007G Approved by Governor-Chapter 159 (effective 7/1/07)
03/09/2007G Approved by Governor-Chapter 159 (effective 1/1/07)
03/14/2007G Acts of Assembly Chapter text (CHAP0159)

Duplicate Bills

The following bills are identical to this one: HB2181.

Comments

Gil Clancy writes:

This seems like a good idea. If you've got $1M in machinery idle b/c you went out of business, it's tough to fork over $40,000 (or whatever) to the county every year in prop. taxes.

Good job, Frank Wagner. At least somebody's thinking about something besides how to make it more legally perilous to drive home from a Xmas party after having a glass of eggnog.