Machinery and tools tax; definition of original total capitalized cost. (HB2640)

Introduced By

Del. Kathy Byron (R-Lynchburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Machinery and tools tax; definition of original total capitalized cost. Provides that, for purposes of the machinery and tools tax, "original total capitalized cost," which is used to calculate assessed value, means the property's cost when acquired by the current owner plus any amount incurred to extend its useful life. If the property was not acquired in an arm's-length transaction, the prior owner's original total capitalized cost is used. Acquisitions are presumed to be arm's-length unless the current owner bought the property from an affiliate. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2019Committee
01/10/2019Presented and ordered printed 19103646D
01/10/2019Referred to Committee on Finance
01/19/2019Impact statement from TAX (HB2640)
01/20/2019Impact statement from DHCD/CLG (HB2640)
01/22/2019Assigned Finance sub: Subcommittee #1
01/23/2019Subcommittee recommends reporting (5-Y 3-N)
01/28/2019Reported from Finance (14-Y 8-N) (see vote tally)
01/30/2019Read first time
01/31/2019Passed by for the day
02/01/2019Passed by for the day
02/04/2019Read second time
02/04/2019Engrossment refused by House

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