58.1-3508.1 - Separate classification of machinery and tools used in semiconductor manufacturing. - Virginia Statutes

§ 58.1-3508.1. Separate classification of machinery and tools used insemiconductor manufacturing.

Machinery and tools used in semiconductor manufacturing shall constitute aclassification for local taxation separate from other classifications ofmachinery and tools as defined in § 58.1-3507. The governing body of anycounty, city or town may levy a tax on such classification of property at adifferent rate from the tax levied on other machinery and tools. The rate oftax and the rate of assessment shall not exceed that applicable generally tomachinery and tools.

(1996, c. 971; 1997, c. 77.)