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VA HB960

Bill

Official Source

Status

Engrossed

2/2/2026

Primary Sponsor

Vivian Watts

Click for details

Origin

House of Delegates

2026 Regular Regular Session

AI Summary

  • Amends Virginia Code § 58.1-3503 regarding valuation methods for tangible personal property used in trade or business
  • Clarifies that business personal property not covered by other specific categories shall be valued by means of a percentage or percentages of "original cost to the taxpayer" (adding "to the taxpayer" specification)
  • Provisions will not become effective unless reenacted by the 2027 Session of the General Assembly
  • Original House version had proposed an effective date of July 1, 2027, but this was amended to require reenactment instead

Legislative Description

Personal property taxes; valuation, effective clause.

Last Action

Continued to next session in Finance and Appropriations (15-Y 0-N)

3/3/2026

Committee Referrals

Finance and Appropriations2/4/2026
Finance1/13/2026

Full Bill Text

No bill text available