HB 1062 Personal Property Tax Relief Act of 1998; created.
Vincent F. Callahan, Jr. | all patrons    ...    notes
| add to my profiles

Summary:
Personal Property Tax Relief Act of 1998. Requires the Commonwealth to pay, directly to taxpayers for tax year 1998 and to localities for tax years 1999 and thereafter, a percentage of the reimbursable amount of any passenger car, motorcycle, and pickup or panel truck that is owned or leased by a natural person and used for non-business purposes. The reimbursable amount is the value of the qualifying vehicle multiplied by the locality's effective tax rate on January 1, 1997. The percentage of the reimbursable amount is 15 percent in tax year 1998; 30 percent in tax year 1999; 50 percent in tax year 2000; 70 percent in tax year 2001; and 100 percent in tax years 2002 and thereafter. The percentages will not increase as scheduled if anticipated general fund revenues decline as compared to general fund revenues appropriated for the fiscal year. The Department of Motor Vehicles will promulgate guidelines on or before July 1, 1998, and update them triennially thereafter, for use by localities. Personal property tax bills for tax year 1999 and thereafter will state the amount that the Commonwealth will reimburse to the locality, and taxpayers will receive a deduction for this amount.

Full text:
01/26/98  House: Presented & ordered printed 984514811  pdf

Status:
01/26/98  House: Presented & ordered printed 984514811
01/26/98  House: Referred to Committee on Finance
01/29/98  House: Assigned to Finance sub-committee: 4
02/18/98  House: No action taken by Finance by voice vote