States / Virginia / SB 799

SB 799 In Committee

Tangible personal property tax relief; rate of taxation.

Introduced
In Committee
Floor
Crossed Over
Passed
Enacted

Tangible personal property tax relief; rate of taxation. Removes the $950 million cap, beginning in tax year 2027 and all tax years thereafter, on the amount of tangible personal property tax relief reimbursed to localities by the Commonwealth. The bill requires, for tax year 2027 and all tax years thereafter, each county, city, or town to reduce its local tax rate on qualifying vehicles to no greater than $0.00000001 per $100 of assessed value of the qualifying vehicle.

Chamber
Senate
Introduced
Jan 23, 2026
Last action
Feb 3, 2026 — Passed by indefinitely in Finance and Appropriations (10-Y 5-N)
Session
2026
Momentum
46 · Moderate