Virginia Senate Bill SB146

Virginia 2024 Regular Session

• Introduced: 1/5/24
• Refer: 1/5/24
• Report Pass: 1/23/24
• Engrossed: 1/25/24
• Refer: 2/13/24

Caption

Sales tax, local; Prince Edward County added to list of localities that are authorized to impose.

Impact

The impact of SB146 on state laws is significant as it provides a legal framework for Prince Edward County to generate revenue through local sales taxes. This change is expected to enhance the financial resources available to the county for various public services and infrastructure development. By localizing tax authority, the county can better address community-specific needs and promote economic support through enhanced funding.

Summary

SB146 amends the existing sales tax laws to allow Prince Edward County to impose a local sales tax. This bill seeks to add the county to the list of localities authorized to levy a general retail sales tax, facilitating additional revenue for local governments. The legislation specifies that local sales taxes will be collected alongside state sales taxes, effectively combining both to provide a unified tax structure for consumers.

Contention

However, the bill has been met with contention among some legislators who argue about the implications of additional taxes on consumers and businesses in the locality. Critics are concerned that imposing a local sales tax could deter consumer spending and place financial strain on low-income residents. Supporters advocate that the additional revenue will lead to improvements in local services, effectively justifying the costs associated with the new tax.