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Committee adopts delayed reenactment and advances bill to align business-equipment valuation with taxpayer cost

Finance Subcommittee No. 2 on Local Tax Infrastructure and Authority · January 28, 2026

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Summary

HB 9 60 clarifies that certain business equipment should be valued by a percentage of original cost to the taxpayer (not manufacturer original cost); after agreeing a reenactment/delayed-enactment clause to allow more stakeholder work, the panel reported the bill as amended, 10–0.

Madam Uber Chair presented HB 9 60 to clarify valuation language for business personal property, saying long-standing practice values many items by a percentage of original cost to the taxpayer rather than the original manufacturer cost. "I believe that many small businesses... are in this same status," she said, arguing that the change benefits small operators who purchase secondhand equipment.

Commissioners of the revenue and the Virginia Association of Counties asked for time to review administrative impacts and noted reliance on an attorney‑general opinion and tax-commissioner guidance. The patron agreed to a reenactment/delayed-enactment clause to allow stakeholders to work through operational issues; counsel explained the clause would require reenactment in the next session before the bill would take effect. The committee adopted that amendment by voice vote and reported HB 9 60 as amended; the transcript records this bill as reported 10–0.

Next steps: HB 9 60, as amended with a delayed reenactment clause to allow further stakeholder engagement, was reported from the subcommittee and will return in committee during the next session for potential reenactment.