HB 2410

Abstract

Tangible personal property tax; classification for rate purposes; boats and watercraft powered by green technology; registration and titling. Authorizes localities to classify for tangible personal property tax rate purposes boats or watercraft weighing less than five tons and any accompanying trailers, not used solely for business purposes and powered exclusively by green technology, defined in the bill. Localities would have the option to assign a rate of tax or rate of assessment to this class different from the rate applicable to the general class of tangible personal property. The bill also exempts such boats or watercraft and any accompanying trailers powered exclusively by green technology from titling and registration requirements, including fees, required under current law.

A BILL to amend and reenact §§ 29.1-710, 29.1-733.3, and 58.1-3506 of the Code of Virginia, relating to tangible personal property tax; classification for rate purposes; boats and watercraft powered by green technology; registration and titling.