Bill > HJR34

This resolution directs the Department of Taxation to study ways to eliminate the personal property tax on certain qualifying vehicles, often referred to as the "car tax," which is a significant source of revenue for local governments in Virginia. The study will also explore alternative ways for local governments to generate revenue to replace the money lost from abolishing this tax. The Department will analyze the financial impact on localities, investigate different methods for ending the car tax such as removing reimbursement caps or limiting tax rates, and examine how other states that don't have a car tax fund their local governments. The resolution also requires all state agencies to assist the Department and mandates that the Department seek input from the Virginia Association of Counties and the Virginia Municipal League. Finally, the Department must complete its study and submit a report with its findings and recommendations to the Governor and the General Assembly by the start of the 2027 legislative session.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HJ34