Intangible personal property tax; classification of certain machinery and tools. (HB1636)
Introduced By
Del. Bob Purkey (R-Virginia Beach)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Intangible personal property tax; machinery and tools. Classifies as intangible personal property, and therefore subject solely to state taxation, (i) machinery and tools purchased on or after July 1, 2011, for the first three years following the date of purchase and (ii) machinery and tools used for business purposes, for the first three years after being brought into the Commonwealth for the first time. The bill also classifies as intangible personal property, and therefore subject solely to state taxation, machinery and tools that have been in use for at least 10 years and are located in any county, city, or town in which the assessed value of the machinery and tools is greater than one percent of the original cost. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/10/2011 | Committee |
| 01/10/2011 | Prefiled and ordered printed; offered 01/12/11 11101580D |
| 01/10/2011 | Referred to Committee on Finance |
| 01/17/2011 | Assigned Finance sub: #2 |
| 01/23/2011 | Impact statement from TAX (HB1636) |
| 02/01/2011 | Subcommittee recommends reporting with amendment(s) (6-Y 0-N) |
| 02/02/2011 | Failed to report (defeated) in Finance (4-Y 16-N) |
| 02/02/2011 | Reported from Finance with substitute (21-Y 0-N) (see vote tally) |
| 02/02/2011 | Committee substitute printed 11104274D-H1 |
| 02/02/2011 | Referred to Committee on Appropriations |
| 02/08/2011 | Left in Appropriations |