RICHMOND, Va. (WSET) — Virginia Tax says that a number of new state and local tax laws go into effect starting July 1.
Here are some of the coming changes:
– Cigarette and Tobacco Products Tax Increase: Beginning July 1, the tax rate doubles for cigarettes and other tobacco products currently subject to the tax. The tax on a pack of cigarettes increases from 30 cents to 60 cents per pack.
– Liquid Nicotine Subject to Tobacco Products Tax: The new tax rate for liquid nicotine products is 6.6 cents per milliliter on sales or purchases on or after July 1.
– Halifax County Local Tax Increase: Beginning July 1, a new 1 percent retail sales and use tax raises the tax rate in Halifax County to 6.3 percent. This includes the 4.3 percent state tax, the 1 percent local option tax and the 1 percent Halifax additional tax.
The increased sales and use tax increase does not apply to food purchased for human consumption, such as groceries, or essential personal hygiene products as both are taxed at a reduced rate.
– Retail Sales and Use Tax Exemption for Gun Safes: As of July 1, gun safes with a selling price of $1,500 or less per item are exempt from the retail sales and use tax.
This exemption includes a gun safe or vault that is:
- Commercially available;
- Secured with a digital or dial combination locking mechanism or biometric locking mechanism; and
- Designed for the storage of a firearm or for ammunition.
- Glass-faced cabinets are not eligible for this exemption
For more information: Virginia Tax 2020 Legislative Summaryabc 13 news
by ida domingo
june 22, 2020