Former VACo President-Elect Bob Thomas’s merchants’ capital tax bill passed the House of Delegates on February 2 by a 94-3 margin.
VACo spoke in support of HB 119 (Thomas), which creates a separate class for merchants’ capital of any wholesaler reported as inventory that is located, and is normally located, in a structure that contains at least 100,000 square feet, with at least 100,000 square feet used solely to store such inventory. Any locality may impose a tax rate on such inventory that is lower than that applicable generally to merchants’ capital. HB 119 will now crossover to the Senate where it will likely be referred to the Senate Finance Committee.
Delegate Thomas served on the Stafford County Board of Supervisors and VACo Executive Board until his 2017 election to the House of Delegates, when he succeeded retiring Speaker Bill Howell in the 28th District.
VACo Contact: Chris McDonald, Esq.