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2000 SESSION

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HB 1442 Omnibus Local Government Financing Powers Act of 2000.

Introduced by: Robert D. Hull | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Omnibus Local Government Financing Powers Act of 2000. Reforms local government taxing authority, and the powers of counties, to allow high-growth localities, and localities with certain types of conditional zoning power, to more adequately fund transportation improvements and public school operations in order to relieve intensive growth pressures by (i) conforming local taxing powers by granting counties the same powers of taxation that are now granted only to municipalities by the Uniform Charter Powers Act; (ii) expanding the applicability of optional local income tax authority by including all high-growth localities; (iii) requiring the referendum for approval of the local income tax to be held at the general election in November of 2000; (iv) allowing the revenues from such tax to be used for educational purposes, rather than for transportation facilities only; (v) deleting provisions which would prevent a locality that levies the local income tax from reducing the total amount of its annual general fund appropriations for transportation below the amount appropriated prior to levying the tax; and (v) repealing the five-year sunset clause.


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