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

Bill Has Failed

History

DateAction
01/10/2011Committee
01/10/2011Prefiled and ordered printed; offered 01/12/11 11101580D
01/10/2011Referred to Committee on Finance
01/17/2011Assigned Finance sub: #2
01/23/2011Impact statement from TAX (HB1636)
02/01/2011Subcommittee recommends reporting with amendment(s) (6-Y 0-N)
02/02/2011Failed to report (defeated) in Finance (4-Y 16-N)
02/02/2011Reported from Finance with substitute (21-Y 0-N) (see vote tally)
02/02/2011Committee substitute printed 11104274D-H1
02/02/2011Referred to Committee on Appropriations
02/08/2011Left in Appropriations