Tangible personal property; removes $950 million cap on amount of tax relief reimbursed to locality.

Tangible personal property tax relief; rateof taxation. Removes the $950 million cap, beginning in tax year2025 and all tax years thereafter, on the amount of tangible personalproperty tax relief reimbursed to localities by the Commonwealth.The bill requires, for tax year 2025 and all tax years thereafter,each county, city, or town to reduce its local tax rate on qualifyingvehicles to no greater than $0.000001 per $100 of assessed value of the qualifying vehicle.