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Bill

SB 799

Tangible personal property tax relief; rate of taxation.

2026 Regular Session Introduced by Mike Cherry and 17 co-sponsors

Virginia bill to reduce tangible personal property tax rates was indefinitely postponed after fiscal analysis indicated substantial revenue loss concerns.

Passed by indefinitely in Finance and Appropriations (10-Y 5-N)
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Bill Summary · SB 799

Legislative bill overview

SB 799 proposes to reduce the tax rate on tangible personal property in Virginia. The bill was referred to the Finance and Appropriations Committee in January 2026 but was indefinitely postponed in early February after receiving a fiscal impact statement from the tax analysis office.

Why is this important

Tangible personal property taxes affect businesses that own equipment, machinery, inventory, and other physical assets. Changes to these tax rates directly influence business operating costs and state revenue, making this relevant to both the business community and Virginia's budget outlook.

Potential points of contention

  • Revenue impact: Reducing this tax rate would lower state and local government revenues; the fiscal impact statement likely detailed significant budget consequences that influenced the committee's decision to postpone
  • Equity concerns: Different business types and industries own varying amounts of tangible personal property, meaning tax relief would benefit some sectors more than others
  • Local vs. state funding: Tangible personal property taxes often support local governments and schools, so state-level rate changes could shift fiscal burdens between jurisdictions

Compiled from official sources — confirm details with the bill’s official record.

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