Virginia Beach council considers repealing new machinery and tools tax
- June 3, 2008
The Virginia Beach City Council is considering repealing an increase in its machinery and tools tax rate after German manufacturer Stihl Inc. said it could prevent the company from expanding its industrial complex in the city, according to The Virginian-Pilot.
The city council voted last month to increase the city’s machinery and tools tax by 90 percent effective July 1. The rate increased from $1 per $100 of assessed value to $1.90.
Mayor Meyera Oberndorf told the newspaper that a Stihl executive called her after the vote, saying that the city’s largest manufacturer may not be able to expand with the new tax. City councilors do not want to jeopardize any future growth from the company.
The council is expected to vote on repealing the tax next Tuesday.