HB 566 VA

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Introduced

Tangible personal property tax relief; rate of taxation. 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 $0.000001 per $100 of the eligible assessed value of the qualifying vehicle. The bill defines "eligible assessed value" as $5,000 of the assessed value of a qualifying vehicle. For tax year 2028 and all tax years thereafter, for any year in which the revenues of a county, city, or town grow by five percent or more, the bill provides that the eligible assessed value applied in such county, city, or town shall increase by an additional $5,000 until such time that the eligible assessed value equals $20,000.

• Joseph P. McNamara Republican · primary

1. Jan 13, 2026 Prefiled and ordered printed; Offered 01-14-2026 26102059D · lower
2. Jan 13, 2026 Referred to Committee on Finance · lower
3. Feb 1, 2026 Fiscal Impact statement From TAX (2/1/2026 11:28 am) · lower
4. Feb 3, 2026 Assigned HFIN sub: Subcommittee #2 · lower
5. Feb 8, 2026 Fiscal Impact statement From TAX (2/8/2026 3:41 pm) · lower
6. Feb 10, 2026 House subcommittee offered · lower
7. Feb 10, 2026 Subcommittee recommends laying on the table (7-Y 3-N) · lower
8. Feb 18, 2026 Left in Finance · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Finance Substitute · PDF
• Finance Substitute · HTML
• Introduced · PDF
• Introduced · HTML