A House of Delegates committee approved Del. Kathy Byron’s bill to enhance a manufacturers’ tax break Monday.
The House Finance Committee also OK’d three other measures sponsored by Lynchburg-area delegates.
One of the bills, by Del. Matt Fariss, R-Campbell County affects taxes on farm-use vehicles.
Another, by Del. Ben Cline, R-Rockbridge County would limit the duration of tax credits for businesses.
The first of two Byron-sponsored bills would remove a penalty for corporations that choose to be taxed on their sales in Virginia, instead of on their equipment and payrolls.
It’s called the single sales factor.
Byron’s HB460 would remove a penalty attached to the original single-sales bill by state Senate Democrats in 2010.
The Senate required companies availing themselves of the tax break to maintain or increase the number of jobs they provide.
Byron’s latest bill would delete the jobs requirement, and stands a good chance of approval this year in a Republican-controlled Senate.
The Finance Committee approved a Byron-sponsored bill limiting the amount of interest local governments can charge on past-due taxes. It is HB 461, and was approved 17-5.
Some localities charge as much as 10 percent interest on delinquent taxes; Byron’s measure links the rate to IRS penalties, which last year stood at about 6 percent.
Fariss’ HB 743 would give local governments an option to exempt farm-use vehicles from taxation. It also would allow more vehicles to carry a state-registration license plate for vehicles primarily used for farming purposes.
Del. Robert Orrock, R-Caroline County, said the bill would allow almost any truck to qualify as a registered farm-purpose vehicle. The committee approved the bill on a 16-5 vote.
Cline’s HB 246 would place a sunset clause on future tax credits approved by the General Assembly, meaning the credits would expire after five years in most cases.
It was approved 22-0.
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