Sec. 36-151. Same—Machinery used in certain manufacturing and mining businesses.
Effective on and after July 1, 1972, for the fiscal year beginning July 1, 1972, and ending June 30, 1973, and also for each and every fiscal year thereafter beginning July first and ending June thirtieth of each such year, unless otherwise changed by council, on each one hundred dollars ($100.00) of the assessed value of all machinery and tools, except machinery and equipment used by farm wineries as defined by Section 4-2(10A) of the Code of Virginia, used in the manufacturing, mining, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business, pursuant to Section 58.1-3507 of the Code of Virginia, 1950, as amended, there shall be a tax of three dollars ($3.00) for the purpose of establishing and maintaining the public schools of the city and for the purpose of providing the interest and sinking fund on loans negotiated and bonds issued by the city for school purposes, and for general governmental purposes.
Any business firm which may be designated as a "qualified business firm" on or after July 1, 1995 pursuant to the provisions of Chapter 22, Title 59.1 of the Code of Virginia, 1950, as amended, (the Enterprise Zone Act), shall be entitled to the following tax credits for the value of net new machinery and tools investment: for the first three (3) tax years for which the firm is assessed this tax, there shall be a one hundred per cent (100%) tax credit, and for the fourth and fifth years a fifty per cent (50%) tax credit. Thereafter the tax shall be at the rate provided for in this section.
Provided, however, that on and after July 1, 2011, for the fiscal year beginning July 1, 2011, and ending June 30, 2012, and for each fiscal year thereafter a qualified technology business shall be eligible for a five-year reimbursement of machinery and tools taxes for the value of net new machinery and tools investment as follows: during the first (1st) calendar year, a seventy-five percent (75%) reimbursement; for the second (2nd) calendar year a fifty percent (50%) reimbursement; and for the third (3rd), fourth (4th) and fifth (5th) calendar years a twenty-five percent (25%) reimbursement.
Every taxpayer owning any of the property mentioned in this section, on January first of any year, shall file a return thereof with the commissioner of the revenue on the form so prescribed. Such return shall be filed on or before February fifteenth of each year. (Tax Code 1941, § 116.17; Ord. of 6-27-72; Ord. No. O-85-010, 1-22-85, eff. 7-1-84; Ord. No. O-87-140, § 1, 7-14-87; Ord. No. O-95-232, 8-8-95; Ord. No. O-02-054, 3-26-02; Ord No. O-05-091, 7-12-05, eff. 1-1-06; Ord. No. O-10-149, 12-14-10; Ord. No. O-11-003, 1-11-11)
Last updated date: 1/31/2011 2:34:56 PM