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2000 SESSION

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SB 512 Investment Act of 2000; created.

Introduced by: Warren E. Barry | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Investment Act of 2000. Limits the rate of growth of state expenditures to the total of annual percentage changes in population and cost of living, but in no event greater than the three-year average of change in per capita personal income. Revenues in excess of the capped expenditure amount shall be deposited into the Virginia Investment Account, which is established. Money in the Account shall be appropriated only for capital transportation projects, public school construction, higher education capital projects, research and development projects relating to economic development, and reducing bonded indebtedness, and to address emergencies. The amount of annual deposits to the Account is capped at five percent of the excess of revenues over expenditures, including deposits to the Revenue Stabilization Fund and Water Quality Improvement Fund, in a fiscal year. The excess revenue over the amount required to be deposited in the Account is to be refunded pro rata on annual income tax returns. The limit on the rate of general fund growth may be exceeded if the Governor declares an emergency.


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