RD706 (Published 2024) - Study to Assess the Need for Income Tax Relief in Double Distressed Localities in the Commonwealth that have Experienced Significant Loss of Population since 2013 – November 1, 2024

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RD706 - Study to Assess the Need for Income Tax Relief in Double Distressed Localities in the Commonwealth that have Experienced Significant Loss of Population since 2013 – November 1, 2024

Published: 2024
Author: Department of Taxation and Commission on Local Government
Enabling Authority: Chapter 599 Enactment Clause 1. (Regular Session, 2024)

Report

Executive Summary:

2024 Senate Bill 564 (2024 Acts of Assembly, Chapter 599) requires the Department of Taxation ("the Department") and the Commission on Local Government ("the Commission") to assess the need for income tax relief in double distressed localities experiencing significant population loss since 2013. See Appendix A, 2024 Acts of Assembly, Chapter 599.

The Department and the Commission contacted the stakeholders identified in the legislation to notify them of the meeting and to request that each stakeholder appoint a representative to participate in the meeting.

The stakeholder meeting was held on June 27, 2024. Following the meeting, the Department and the Commission solicited written comments to be provided by July 31, 2024. All comments received from the work group are attached. This is the report of the study.