Source: https://www.richmondsunlight.com/bill/2012/hb512/fulltext/
Timestamp: 2020-05-26 19:31:27
Document Index: 440538848

Matched Legal Cases: ['§ 58', '§ 58', '§ 4', '§ 58', '§ 58', '§ 4', '§ 46', '§ 58']

HOUSE BILL NO. 512 Offered January 11, 2012 Prefiled January 10, 2012 A BILL to amend and reenact § 58.1-3507 of the Code of Virginia, relating to intangible personal property tax; machinery and tools.
1. That § 58.1-3507 of the Code of Virginia is amended and reenacted as follows:
A. Machinery 1. Except for the property set forth in subdivision 2, all machinery and tools, except idle machinery and tools as defined in subsection D and machinery and equipment used by farm wineries as defined in § 4.1-100, used in a manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business shall be listed and are hereby segregated as a class of tangible personal property separate from all other classes of property and shall be subject to local taxation only. The rate of tax imposed by a county, city or town on such machinery and tools shall not exceed the rate imposed upon the general class of tangible personal property. Idle machinery and tools are taxable as capital under § 58.1-1101.
2. The following property otherwise classifiable as machinery and tools shall be classified instead as capital taxable solely by the Commonwealth under § 58.1-1101:
a. Idle machinery and tools as defined in subsection D;
b. Machinery and equipment used by farm wineries as defined in § 4.1-100; and
c. Machinery and tools that have not been in service for more than three years.
B. Machinery and tools segregated for local taxation pursuant to subsection subdivision A 1, other than energy conservation equipment of manufacturers, shall be valued by means of depreciated cost or a percentage or percentages of original total capitalized cost excluding capitalized interest. In valuing machinery and tools, the commissioner of the revenue shall, upon the written request of the taxpayer, consider any bona fide, independent appraisal presented by the taxpayer.
C. All motor vehicles which are registered pursuant to § 46.2-600 with the Department of Motor Vehicles and owned by persons engaged in those businesses set forth in subsection subdivision A 1 shall be taxed as tangible personal property by the county, city or town in accordance with the provisions of this chapter. All other motor vehicles and delivery equipment owned by persons engaged in those businesses set forth in subsection A shall be included in and taxed as machinery and tools.
2. That the provisions of subdivision A 2 c of § 58.1-3507 of the Code of Virginia shall apply only to machinery and tools purchased on or after July 1, 2012.
For a plain English description of this bill, comments, voting, tagging, etc., return to the main page for HB512.