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1 Patrick Fleenor, Impact of Virginia's Gubernatorial Personal Property Tax Relief Plans Vary Widely by Locality 1 (1997)

handle is hein.taxfoundation/srhdxz0001 and id is 1 raw text is: TAX FOUNDATION October 1997, No. 73 Impact of Virginia's Gubernatorial Personal Property Tax Relief Plans Vary Widely by Locality As part of their respective campaigns for governor, both Republican James Gilmore and )emocrat Donald Beyer have promised Virgin- ian's relief from their personal property taxes. Often lost in all of the talk of exemptions, tax credits, and phase-ins, however, is the actual size of the tax savings under each plan. For the benefit of Virginia's voters the fax Foundation has conducted an analysis of each of the proposals for owners of four popular ve- hicles. The results of this analysis are illustrat- ed in Figure 1. The two bars on the left-hand side of each graph represent tax savings under the Beyer plan for the typical owner of each of the vehicles. The first bar represents tax sav- ings for single individuals with adjusted gross income of less than $40,000. The second bar represents the tax savings for married couples with adjusted gross incomes of less than $75,000. These are the income thresholds be- low which taxpayers are eligible for the tax credit in the Beyer plan. Gilmore intends on gradually phasing in his plan during fiscal years 1999- 2003. The first four bars of the cluster on the right-hand side of each graph represent tax savings for Figure 1 Tax Savings Under Alternative Plans, Statewide Averages 1990 Honda Accord DX $5,950 1996 Ford Taurus G $12,675 1997 Toyota Camry CE V6 $18,300 1997 Ford Explorer XLT $25,825 $6001 $400 0 ,q- LO $200 - 2 Ll $0 Beyer 0: CO Gilmore $400 $200 $0 Beyer V), C') Gilmore Beyer Gilmore Beyer Gilmore Source: ' .x Fou~ndation. By Patrick Fleenor Economisl Tax Foundation $800r

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