summary
Introduced
01/13/2026
01/13/2026
In Committee
02/04/2026
02/04/2026
Crossed Over
02/02/2026
02/02/2026
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill Summary
Personal property taxes; valuation. Requires that tangible personal property employed in a trade or business, other than such property set out for different valuation in current law, shall be valued by means of a percentage or percentages of original cost to the taxpayer. Current law requires such property to be valued only by means of a percentage or percentages of original cost. The provisions of this bill do not become effective unless reenacted by the 2027 Session of the General Assembly.
AI Summary
This bill, effective July 1, 2027, modifies how tangible personal property used in a trade or business is valued for personal property tax purposes. Specifically, it clarifies that such property, unless already subject to different valuation rules in current law, will be valued using a percentage or percentages of its original cost to the taxpayer, a method that current law already requires. The bill also includes a provision that it will not become effective unless reenacted by the 2027 Session of the General Assembly.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Fiscal Impact statement From TAX (2/17/2026 4:03 pm) (on 02/17/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB960 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (2/17/2026 4:03 pm) | https://lis.blob.core.windows.net/files/1169038.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB960/text/HB960E |
| Finance Amendment | https://lis.virginia.gov/bill-details/20261/HB960/text/HB960AH1 |
| Subcommittee #2 Subcommittee Amendment | https://lis.virginia.gov/bill-details/20261/HB960/text/HB960AHC2 |
| Finance Amendment | https://lis.virginia.gov/bill-details/20261/HB960/text/HB960AHC1 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (1/21/2026 8:29 pm) | https://lis.blob.core.windows.net/files/1093361.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB960/text/HB960 |
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