HB1308 - Tangible personal property; removes $950 million cap on amount of tax relief reimbursed to locality.
Virginia - 2024 Regular Session
Introduced byWilliam Chad Green, Aijalon C. Cordoza, Baxter Ennis
Last updated 9 months ago
4 Co-Sponsors
Tangible personal property tax relief; rate of taxation. Removes the $950 million cap, beginning in tax year 2025 and all tax years thereafter, on the amount of tangible personal property tax relief reimbursed to localities by the Commonwealth. The bill requires, for tax year 2025 and all tax years thereafter, each county, city, or town to reduce its local tax rate on qualifying vehicles to no greater than $0.000001 per $100 of assessed value of the qualifying vehicle.
STATUS
Introduced
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