Bill > HB1841

This bill amends the Virginia Code to clarify how sales and use tax is calculated for abandoned motor vehicles that are not sold at auction. Specifically, the bill adds a new section (Section D) to the existing tax code that allows the Commissioner of Revenue to determine the tax value of an abandoned vehicle using standard pricing guides and information sources when an individual is applying for a title to such a vehicle. This provision applies to abandoned vehicles that are in the possession of the person seeking the title and were not sold through an auction process. The bill provides the Commissioner flexibility in assessing the vehicle's value using recognized industry resources, similar to how used vehicle sales are currently evaluated. This change helps standardize the tax assessment process for abandoned vehicles and provides a clear method for individuals to obtain titles for vehicles they have acquired outside of traditional sales channels.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/HB1841