58.1-3508.3 - Separate classification of machinery and tools used directly in precision investment castings. - Virginia Statutes

§ 58.1-3508.3. Separate classification of machinery and tools used directlyin precision investment castings.

Machinery and tools used directly in the manufacture of precision investmentcastings shall constitute a classification for local taxation separate fromother classifications of machinery and tools, as defined in § 58.1-3507. Thegoverning body of any county, city, or town may levy a tax on suchclassification of property at a different rate from the tax levied on othermachinery and tools. The rate of tax and the rate of assessment shall notexceed that applicable generally to machinery and tools.

(2009, c. 528.)