Virginia changes manufacturing exemption for public utilities.

Along with many other changes in Virginia tax law, this change represents only a portion of changes instituted by the Tax Reform Compromise Act of 2004. The current exemption for industrial tools, machinery, materials and packaging will no longer apply to public service corporations in the generation of electric power, effective July 1, 2004. The exemption will however still apply to raw materials that are considered as inputs to the production of electricity. (Virginia H.B. 5018, Special Session, signed by Governor Warner on June 6, 2004.)

Posted on July 28, 2004