RD269 - Annual Report on the Personal Property Tax Relief Act of 1998


Executive Summary:
Item 264 B. of Chapter 3 (2006 Virginia Acts of Assembly, Special Session I) requires the Secretary of Finance and the Commissioner of the Department of Taxation (TAX) to report to the Chairman of the Senate Finance and House Appropriations Committees by November 1 of each year on the actual and projected reimbursements under the Personal Property Tax Relief Act (PPTRA).

The Appropriations Act stipulates that the report shall review the actual and forecast reimbursements for fiscal years 1999 through 2006 and briefly describes the new disbursement program. Also, in this report is the projected disbursements for fiscal years 2007 through 2012 utilizing the Audit of Public Accounts’ (APA) Tax Year 2004 (base year) data, the APA’s allocation percentage for each impacted locality, and the APA’s allocation of the $950 million appropriation by locality.