TIFFANY M. BOYLE
Commissioner of the Revenue
2400 Washington Avenue
Newport News, VA 23607-4389
Revised 1/2018 #3360
City of Newport News
Machinery & Tools Return
COR5
SECTION 1: TAXPAYER INFORMATION
INSTRUCTIONS ARE PROVIDED
ON THE BACK OF THIS RETURN
******************************
A DETAILED ITEMIZED LIST MUST BE
SUBMITTED WITH THIS RETURN
***************************************
Virginia Code §58.1-3519 authorizes the Commissioner of the Revenue
to assess property based on the best information available in any cases
where the taxpayer neglects or refuses to file a return. All filings are
subject to audit by the Commissioner of the Revenue at any time.
SECTION 2: UPDATE INFORMATION
Federal ID / Social Security Number: Date Business Began in Newport News:
If business has been sold, closed or moved, please complete the following:
(Please Check One) Sold Closed Moved Date Sold/Closed/Moved:
Sold To:
New Address: City: State: Zip:
SECTION 3: MACHINERY & TOOLS (M&T)
Year
M&T Computer Equipment
Capitalized Cost
M&T Other than Computers
Capitalized Cost
Total
Capitalized Cost
PURCHASED IN:
PURCHASED IN:
PURCHASED IN:
PURCHASED IN:
PURCHASED IN:
PURCHASED IN
AND PRIOR TO:
TOTAL COST
SECTION 4: DELETED, SOLD, OR DISPOSED MACHINERY & TOOLS
Description of Machinery & Tools
Date of Purchase
Original Cost
SECTION 5: LEASED MACHINERY & TOOLS
Name of Owner/Lessor
Mailing Address
City/State/Zip
Description of
Machinery & Tools
Date of Lease
SECTION 6: DECLARATION BY TAXPAYER
SECTION 7: CONTACT INFORMATION
I declare that the above statements and figures are true, full and correct to
the best of my knowledge and belief.
Taxpayer’s
Signature Date:
NOTE: Any such person who willfully subscribes any such return which he/she does
not believe to be true and correct as to every material matter shall be guilty of a
Class 1 misdemeanor. (Virginia Code §58.1-11)
Please complete the following information so that our office can contact
you if we have any questions regarding this return. (Please print legibly)
CONTACT NAME:
PHONE:
EMAIL:
OFFICE USE ONLY:
Processed: Verified:
GENERAL INFORMATION
WHO MUST FILE:
Any individual, partnership, corporation or other entity owning or using machinery & tools located within the City of Newport News on January 1
st
and
used or available for use in manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry
cleaning or laundry business must file a return.
WHAT ARE MACHINERY & TOOLS?
Machinery & Tools are limited to property used in manufacturing, mining, water well drilling, processing or reprocessing, radio or television
broadcasting, dairy, dry cleaning or laundry business activity as segregated by Virginia Code §58.1-3507.
FILING EXTENSIONS:
Prior to the filing deadline, you may submit a written request for an extension, which is subject to approval by the Commissioner of the Revenue.
The request must include a reasonable estimate of the original cost to be reported and a self-addressed stamped envelope.
METHOD OF ASSESSMENT:
Property’s assessed value is equal to one third (1/3) of the reported total original cost. Machinery & Tools Taxes are not prorated therefore, please
refer to the commissioner of revenue website www.nnva.gov/cor for current rates. If the business was closed, sold or moved out of Newport News
after January 1st, you are still liable for the tax for the full year.
INSTRUCTIONS
SECTION 1: TAXPAYER INFORMATION
Review the business information and make any necessary corrections to your name and address by drawing a line through the incorrect
information and writing the correct information.
SECTION 2: UPDATE INFORMATION
Enter the Federal Identification Number or the Social Security Number if applicable.
If the business has been sold, closed or has moved from Newport News, please check the appropriate box and enter the date.
Enter the forwarding address if different from the address listed in Section 1 of the return.
SECTION 3: MACHINERY & TOOLS
Enter the total capitalized cost (excluding capitalized interest) of all machinery & tools, furniture, equipment and computer equipment
used in the manufacturing, mining, water well drilling, processing or reprocessing, radios or television broadcasting, dairy, dry cleaning
or laundry business. Capitalized Cost is the cost that is written off over a period of time through depreciation schedules.
Total Cost includes all costs incidental to acquiring and placing an asset in use, including but not limited to the purchase price, freight,
labor, installation, and sales tax.
Include the following:
1. All tangible property acquired at ‘zero cost’ (ex: gift). To the best of your ability, confirm the fair market value upon receipt of
the property. If you do not own or use any property in your business indicate “NONE” and provide a written explanation.
2. All non-licensed vehicles and trailers (include yard vehicles, tractors, storage trailers, office trailers, etc.).
3. All PC’s, mainframes and peripherals, including but not limited to scanners, printers, plotters, PDA’s (personal digital
assistants), flash drives, and operational software. DO NOT INCLUDE COMPUTER APPLICATION SOFTWARE .
4. Fully depreciated items MUST be included if still owned on January 1
st
.
Reporting “SAME AS LAST YEAR” will not be accepted.
Some businesses are required to file both Machinery & Tools and Business Personal Property Returns. If you are not sure, please
contact the Commissioner of the Revenue immediately.
A DETAILED ITEMIZED LIST MUST BE INCLUDED WITH THIS RETURN. List must include description of machinery & tools, date
of purchase, and capitalized cost.
Lessors: To ensure proper assessments, please report only active leases. If you are not the owner of the leased property, or if a lease
expired during the year and responsibility for reporting the property transferred to the lessee, please provide a separate list of the
names and address of the current owner, a description of the property and the current owner’s original cost.
SECTION 4: DELETED, SOLD, OR DISPOSED MACHINERY & TOOLS
Report all machinery and tools that have been deleted, sold or disposed. Attach a separate list if necessary. Do not include the deleted, sold,
or disposed Machinery & Tools in totals in Section 3.
SECTION 5: LEASED MACHINERY & TOOLS
Report all machinery and tools used by the taxpayer, but for which the taxpayer is not the owner and/or entity to be billed for such taxes. Attach a
separate list if necessary.
SECTION 6: DECLARATION BY TAXPAYER
Read and sign the declaration.
SECTION 7: CONTACT INFORMATION
Provide a contact person to whom our office can correspond with if we have any questions regarding this return.
MAILING YOUR RETURN
THE FILING DEADLINE FOR THIS RETURN IS MARCH 1
ST
.
Review the return to ensure that you have completed all applicable sections. Incomplete returns will not be accepted.
Fold and return the entire tax return in the envelope provided and include the following:
1. Detailed Itemized Listing (See Section 3 of the instructions).
2. All required written documentation as requested in Sections 2 thru 5.
FOR ASSISTANCE OR ADDITIONAL INFORMATION, CONTACT THE BUSINESS RELATED TAXES DEPARTMENT AT
Phone (757) 926-8644 Fax (757) 247-2628
WEBSITE: www.nnva.gov/cor
Revised 1/2018 #3360
COR5 Instructions
INSTRUCTIONS FOR PREPARING
MACHINERY & TOOLS RETURN
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