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2001 SESSION

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HB 277 Income tax; distribution of revenues to localities.

Introduced by: John H. Rust, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; distribution of revenues to localities. Requires the transfer of five percent of net individual income tax revenues to localities based on point of collection, for taxable years beginning on and after January 1, 2001. Such transfer will not occur if actual general fund revenues for the fiscal year preceding a fiscal year in which such distributions are to occur do not exceed the official general fund revenue estimates for such preceding fiscal year by at least one percent and if any of the circuit breakers in the Personal Property Tax Relief Act of 1998 occur.

If the transfer occurs, the locality must reduce its real estate, or its real estate and other locally levied taxes, by an amount equal to the lesser of (i) ninety percent of the net individual income tax revenues allocated to the county or city, or (ii) five percent of real estate tax revenues for such county or city in the tax year immediately before the year such rates are reduced.


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