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2001 SESSION

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010518708
HOUSE BILL NO. 2249 Offered January 10, 2001 Prefiled January 10, 2001 A BILL to amend the Code of Virginia by adding in Article 1 of Chapter 3 of Title 58.1 a section numbered 58.1-300.1, relating to the distribution of income tax revenues to localities. ---------- Patrons-- Day, Bryant, Diamonstein, Scott and Watts ---------- 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 58.1-300.1 as follows:

§ 58.1-300.1. Distribution of income tax revenues to localities; Localities' Portion of State Tax Revenues Fund.

A. Effective for taxable years beginning on and after January 1, 2002, one percent of the Commonwealth’s individual income tax revenues shall be distributed to the localities based on each individual taxpayer's residence. Distributions to localities shall be made by September 1 of each year with adjustments to such distributions, due to amended returns, made in the following year’s distribution.

B. There is hereby created on the books of the State Comptroller in the Department of the Treasury a special nonreverting fund which shall be known as the Localities' Portion of State Tax Revenues Fund. The fund shall consist of the individual income tax revenue amount determined in accordance with subsection A. These funds shall be used exclusively for the distributions to localities described herein.

C. The Tax Commissioner, with the State Comptroller's assistance, shall promulgate rules and regulations in accordance with the Administrative Process Act (§ 9-6.14:1 et seq.) to carry out the provisions of this section.