Virginia Creates New Tax Classification for Electric Landscaping Equipment

The Virginia Governor signed a law amending the code to create a new separate classification for tangible personal property tax purposes for electric-powered landscaping equipment used in business operations. The law specifies that localities may levy taxes on this newly classified property at rates not exceeding those applicable to the general class of tangible personal property. The law takes effect July 1. [H.B. 557 enacted 04/08/26]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.