Bill targeting local business taxes defeated

February 2, 2016

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HB 217 (LeMunyon) provides that a locality may not increase the rate or assessment ratio of the Machinery and Tools Tax or Business Tangible Personal Property Tax on machinery and tools used in a business, the Merchants’ Capital Tax, or the Business, Professional and Occupational License (“BPOL”) tax or fee higher than the rate and assessment ratio that was applicable on January 1, 2016. The bill also provides that any locality that elects to impose the BPOL tax on Virginia taxable income may not thereafter impose the tax on gross receipts.

VACo opposed the bill in House Finance and the bill was laid on the table in subcommittee.

VACo Contact: Dean A. Lynch, CAE

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