Merchants' capital tax; separate classification, retailers. (HB1575)

Introduced By

Del. Mark Cole (R-Fredericksburg) with support from co-patron Del. Josh Cole (D-Stafford)

Progress

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

Description

Merchants' capital tax; separate classification; retailers. Provides that the merchants' capital of any retailer reported as inventory that is located in a structure that contains at least 200,000 square feet, with at least 200,000 square feet used solely to store such inventory, shall, along with certain wholesalers, be considered a separate classification and may be taxed at a lower rate than other classifications of merchants' capital. Under current law, only merchants' capital of wholesalers meeting a similar threshold of 100,000 square feet constitutes a separate class of property. Read the Bill »

Status

02/11/2020: In Committee

History

DateAction
01/14/2020Presented and ordered printed 20105515D
01/14/2020Referred to Committee on Finance
01/19/2020Impact statement from TAX (HB1575)
01/23/2020Assigned Finance sub: Subcommittee #2
02/03/2020House committee, floor amendments and substitutes offered
02/03/2020Subcommittee recommends reporting with substitute (9-Y 1-N)
02/05/2020Committee substitute printed 20106932D-H1
02/05/2020Reported from Finance with substitute (21-Y 1-N) (see vote tally)
02/06/2020Read first time
02/07/2020Read second time
02/07/2020Committee substitute agreed to 20106932D-H1
02/07/2020Engrossed by House - committee substitute HB1575H1
02/10/2020Read third time and passed House (79-Y 19-N)
02/10/2020VOTE: Passage (79-Y 19-N) (see vote tally)
02/11/2020Constitutional reading dispensed
02/11/2020Referred to Committee on Finance and Appropriations
02/19/2020Impact statement from TAX (HB1575H1)

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