The City of Newport News charges a tax on Machinery and Tools used in a business or to earn income within the City. Machinery and Tools are limited to property used in manufacturing, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business activity. Exceptions include computer application software and certified pollution control equipment.
All individuals, partnerships, corporations, or other entities owning or using Machinery and Tools in the business of manufacturing, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry businesses located in Newport News are required to file a Machinery and Tools (Form COR5) and to submit an itemized list of all business personal property utilized in the business as of January 1st of the current year. All returns and list must be filed to the Commissioner of the Revenue on or before March 1st of each year.
The method of assessment for Machinery and Tools is one-third (1/3) of the total original cost.