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2001 SPECIAL SESSION I

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HB 14 Sales and use tax; additional tax in No. Va. to fund transportation.

Introduced by: John A. (Jack) Rollison, III | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Sales and use tax; additional tax in Eighth Planning District to fund transportation projects. Increases the state sales and use tax by one-half percent in all cities and counties within the Eighth Planning District. The revenues from such increase shall be deposited into the Northern Virginia Transportation Fund to fund transportation projects in the Eighth Planning District. The bill also increases the maximum principal amount of transportation revenue bonds that may be issued for the Northern Virginia Transportation District Program from $471.2 million to $2,771,200,000, specifies additional transportation projects to be funded by such bonds, and authorizes the Commonwealth Transportation Board to designate additional transportation projects to be paid for from the Northern Virginia Transportation Fund under certain conditions. The bill repeals the right of certain localities to impose a local income tax. The bill has a delayed effective date of July 1, 2002, and is contingent upon approval by a majority of persons voting in a joint referendum on November 6, 2001, of all the cities and counties in the Eighth Planning District.


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