SB 799

Tangible personal property tax relief; rate of taxation. Removes the $950 million cap, beginning in tax year 2027 and all tax years thereafter, on the amount of tangible personal property tax relief reimbursed to localities by the Commonwealth. The bill requires, for tax year 2027 and all tax years thereafter, each county, city, or town to reduce its local tax rate on qualifying vehicles to no greater than $0.00000001 per $100 of assessed value of the qualifying vehicle.