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2001 SESSION

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011468768
HOUSE BILL NO. 2758 House Amendments in [ ] -- February 2, 2001 A BILL to amend the Code of Virginia by adding a section numbered 15.2-2511.1, relating to return of local surplus funds. ---------- Patron Prior to Engrossment--Delegate Harris ---------- Referred to Committee on Counties, Cities and Towns ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 15.2-2511.1 as follows:

§ 15.2-2511.1. Return of local surplus funds.

Any [ locality county with a population between 65,000 and 70,000 according to the 1990 United States Census ] may by ordinance develop a method for returning surplus [ real property tax ] revenues to taxpayers who are assessed real property taxes in any fiscal year in which [ a locality the county ] reports a surplus. The [ locality county ] may reduce a taxpayer's refund by the amount of any taxes, penalties and interest that are due from such taxpayer, or any past-due taxes, penalties and interest that have been assessed within the appropriate period of limitations.