2023 Regular Session • Virginia Legislature
HB1402: Personal property taxes; valuation.
Legislative Summary
Personal property taxes; valuation. Requires, for taxable years beginning on and after January 1, 2024, that tangible personal property employed in a trade or business be valued for taxation using the federal Modified Accelerated Cost Recovery System (MACRS) of depreciation in place of the valuation methods currently in effect. The MACRS is also required to be used for machinery and tools taxes.
Bill History
11/30/2022
Prefiled and ordered printed; offered 01/11/23 23100145D
House of Delegates
11/30/2022
Referred to Committee on Finance
House of Delegates
1/19/2023
Assigned Finance sub: Subcommittee #2
House of Delegates
1/24/2023
Subcommittee recommends laying on the table (7-Y 0-N)
House of Delegates
2/7/2023
Left in Finance
House of Delegates
Roll Call Votes
House: Subcommittee recommends laying on the table (7-Y 0-N)
1/24/2023
7
Yea
0
Nay
0
Not Voting
1
Absent
Result: PASSED
Status Information
Current Status
Introduced(11/30/2022)
Chamber
House of Delegates
Committee
Finance(House of Delegates)
Sine DiePrior Session
Sponsors
Republican: 1
Primary Sponsor
Marie March
Republican