Income tax, state, and personal property tax; local piggyback imposition. (HB472)
Introduced By
Del. Vivian Watts (D-Annandale)
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 percent or one percent 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, 2009. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/07/2008 | Committee |
01/07/2008 | Prefiled and ordered printed; offered 01/09/08 084519784 |
01/07/2008 | Referred to Committee on Rules |
01/31/2008 | Impact statement from TAX (HB472) |
02/12/2008 | Left in Rules |