SB12: Taxes, local; surplus revenues.


VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to amend and reenact § 15.2-2511.1 of the Code of Virginia, relating to local taxes; surplus revenues.
[S 12]
Approved

 

Be it enacted by the General Assembly of Virginia:

1. That § 15.2-2511.1 of the Code of Virginia is amended and reenacted as follows:

§ 15.2-2511.1. Return of local surplus funds.

Any locality may by ordinance develop a method for returning surplus real or personal property tax revenues, or both, to taxpayers who are assessed real property such taxes in any fiscal year in which the locality reports a surplus. The locality may reduce a taxpayer's refund by the amount of any taxes, penalties, and interest that are due from such taxpayer, or any past-due taxes, penalties, and interest that have been assessed within the appropriate period of limitations.

SENATE BILL NO. 12

Offered January 12, 2022
Prefiled December 8, 2021
A BILL to amend and reenact § 15.2-2511.1 of the Code of Virginia, relating to local taxes; surplus revenues.
Patron-- Suetterlein

Referred to Committee on Finance and Appropriations

Be it enacted by the General Assembly of Virginia:

1. That § 15.2-2511.1 of the Code of Virginia is amended and reenacted as follows:

§ 15.2-2511.1. Return of local surplus funds.

Any locality may by ordinance develop a method for returning surplus real or personal property tax revenues, or both, to taxpayers who are assessed real property such taxes in any fiscal year in which the locality reports a surplus. The locality may reduce a taxpayer's refund by the amount of any taxes, penalties, and interest that are due from such taxpayer, or any past-due taxes, penalties, and interest that have been assessed within the appropriate period of limitations.