HB 2640 (Byron) failed to advance to its third reading on the House floor on February 4, which means that the legislation is no longer under consideration this session. VACo is grateful to its many members who communicated with their legislators about the concerns raised by this bill, which would have changed a well-established method of valuing machinery and tools. The bill’s provisions could have created inequities in valuing equipment, depending on whether the equipment was owned by the original owner or had been sold to a new owner, created administrative complexity for local governments and taxpayers in changing to a new valuation method, and potentially reduced local revenues.
VACo Contact: Katie Boyle