Taxes, local; rate of interest capped at five percent annually, penalties. (HB461)
Introduced By
Del. Kathy Byron (R-Lynchburg)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Local taxes; interest and penalties. Provides that the rate of interest set by localities that is charged on delinquent local taxes, and paid on refunds of local taxes, for the first year shall not exceed the "Underpayment Rate" established pursuant to 6621(a)(2) of the Internal Revenue Code. After the first year, the cap on the rate increases by two percent. Under current law, such interest rate shall not exceed the rate established pursuant to 6621(a)(2) of the Internal Revenue Code or 10 percent, whichever is greater. The bill also repeals a statute that automatically imposed an interest rate of 10 percent in any locality that does not enact an ordinance setting the interest rate. Finally, the bill authorizes the waiver of interest and penalty for good cause. The current law requiring the interest charged on delinquent taxes to be the same as the interest paid on tax refunds, is maintained. The bill contains technical amendments. Read the Bill »
Status
02/06/2012: passed committee
History
Date | Action |
---|---|
01/10/2012 | Committee |
01/10/2012 | Prefiled and ordered printed; offered 01/11/12 12103712D |
01/10/2012 | Referred to Committee on Finance |
01/20/2012 | Assigned Finance sub: #1 |
01/21/2012 | Impact statement from TAX (HB461) |
02/01/2012 | Subcommittee recommends reporting with amendment(s) (7-Y 3-N) |
02/06/2012 | Reported from Finance with amendment (17-Y 5-N) (see vote tally) |
02/07/2012 | Read first time |
02/08/2012 | Read second time |
02/08/2012 | Committee amendment rejected |
02/08/2012 | Floor substitute printed 12105158D-H1 (Byron) |
02/08/2012 | Substitute by Delegate Byron agreed to 12105158D-H1 |
02/08/2012 | Engrossed by House - floor substitute HB461H1 |
02/09/2012 | Read third time and defeated by House (17-Y 80-N) |
02/09/2012 | VOTE: DEFEATED (17-Y 80-N) (see vote tally) |
Map
This bill mentions Prince William.