All Roll Calls
Yes: 15 • No: 0
VirginiaSB1262025 Regular SessionSenate
Personal property; tax relief for qualifying vehicles, reimbursement and appropriation.
Sponsored By: Christie New Craig (Republican)
Failed
Summary
Personal property tax relief; qualifying vehicles; reimbursement and appropriation. Provides for a portion of the general fund surplus at the close of the immediately preceding fiscal year to be appropriated for increased car tax relief. If more than $250 million in general fund surplus remains after all mandatory assignments under current law, then the total amount the Commonwealth shall pay in reimbursements to localities for providing required tangible personal property tax relief on qualifying vehicles for the immediately following tax year, beginning in tax year 2025, shall be $950 million plus up to 25 percent of the remaining surplus. In such case, the surplus amount would be held in reserve for appropriation for such tax relief and not further assigned by the Comptroller. If less than $250 million in general fund surplus remains after such mandatory assignments, the total amount of reimbursements from the Commonwealth to localities would remain at $950 million, the fixed amount under current law, and the remaining surplus would be assigned by the Comptroller for nonrecurring expenditures. Also beginning in tax year 2025, the bill increases from $20,000 to $30,000 the base vehicle value for which a county, city, or town shall establish its tangible personal property tax rate for each qualifying vehicle and reimbursements from the Commonwealth therefor.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Christie New Craig
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 2/6/2024
Continued to 2025 in Finance and Appropriations
Yes: 15 • No: 0
Actions Timeline
Left in Finance and Appropriations
11/19/2024SenateContinued to 2025 in Finance and Appropriations (15-Y 0-N)
2/6/2024SenateImpact statement from TAX (SB126)
1/14/2024SenateReferred to Committee on Finance and Appropriations
1/5/2024SenatePrefiled and ordered printed; offered 01/10/24 24102228D
1/5/2024Senate
Bill Text
Introduced
1/8/2024
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