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2000 SESSION

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004501760
HOUSE BILL NO. 2 Offered January 12, 2000 Prefiled November 14, 1999 A BILL to amend the Code of Virginia by adding in Article 1 of Chapter 3 of Title 58.1 a section numbered 58.1-318, relating to the distribution of income tax revenues. ---------- Patrons-- Hamilton and Jones, S.C. ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 1 of Chapter 3 of Title 58.1 a section numbered 58.1-318 as follows:

§ 58.1-318. Distribution of income tax revenues to localities.

Effective for taxable years beginning on and after January 1, 2000, a percentage of the Commonwealth’s individual income tax revenues shall be returned to the localities based on the residence of the taxpayer in accordance with the following schedule:

   Date payment made to localities   Percentage of individual

                                      income tax revenues

   December 1, 2001, and             Five percent for taxable year 2000

   each December 1 thereafter        and each taxable year thereafter

Adjustments to such payments due to amended returns shall be made in the following year’s payment.