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Virginia Amendment 5 (1998)

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Virginia Amendment 5, also known as the Tax Exemptions Act, was on the 1998 election ballot in Virginia. It passed, with 61.8% of voters in favor.

Text of measure

The language that appeared on the ballot:

This amendment concerns exemptions from two local taxes: license taxes imposed on businesses, occupations, and professions (commonly known as BPOL taxes) and taxes on merchants' capital. BPOL taxes are based on the gross receipts of a business. Merchants' capital taxes are property taxes and cover the merchant's inventory and other specified property. The new provision states: The General Assembly may by general law allow the governing body of any county, city, or town to have the option to exempt or partially exempt from taxation any business, occupational or professional license or any merchants' capital, or both.

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