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

DateAction
01/07/2008Committee
01/07/2008Prefiled and ordered printed; offered 01/09/08 084519784
01/07/2008Referred to Committee on Rules
01/31/2008Impact statement from TAX (HB472)
02/12/2008Left in Rules