Property Tax Exemption for Oil/Gas Equipment
Amends
Article X. Taxation and Finance
Section 6. Exempt property
Summary
This measure aims to incentivize and reward the replacement of commercial natural gas and oil equipment by exempting their owners from property taxes.
Shall Section 6 of Article X of the Constitution of Virginia be amended to authorize the General Assembly to permit certain tax exemptions for property whose purpose is to replace oil or natural gas generating equipment installed after December thirty-one, nineteen hundred seventy-four?
- First resolution – HJR213 – 1979
- Second resolution – HJR34 – 1980
- Referendum legislation – H165 – 1980
Article X. Taxation and Finance
Section 6. Exempt property
(a) Except as otherwise provided in this Constitution, the following property and no other shall be exempt from taxation, State and local, including inheritance taxes:
[…]
(i) The General Assembly may by general law allow the governing body of any county, city, or town to exempt or partially exempt from taxation any generating equipment installed after December thirty-one, nineteen hundred seventy-four, for the purpose of converting from oil or natural gas to coal or to wood, wood bark, wood residue, or to any other alternate energy source for manufacturing, and any co-generation equipment installed since such date for use in manufacturing.
https://law.lis.virginia.gov/constitution/article10/section6/