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2002 SESSION

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020080884
HOUSE BILL NO. 860 Offered January 9, 2002 Prefiled January 9, 2002 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3713.6, relating to license taxes on businesses severing gases from the earth. ---------- Patrons-- Phillips; Senator: Puckett ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 58.1-3713.6 as follows:

§ 58.1-3713.6. Additional one percent tax on gas.

Notwithstanding the rate limitations established in §§ 58.1-3712, 58.1-3713, and 58.1-3713.4, a county or city may levy an additional license tax on every person engaging in the business of severing gases from the earth. The license tax shall be at a rate not to exceed one percent of the gross receipts from the sale of gases severed within the county or city. The provisions of § 58.1-3712 as they relate to measurement of gross receipts, filing of reports and recordkeeping shall be applicable to the tax imposed under this section.

The moneys collected for each county or city from the tax imposed under this section shall be deposited in a special fund of such county or city to be called the Water Projects Development Fund of such county or city and shall be used exclusively to fund the construction of new and improved water systems and lines in areas with natural water supplies that are insufficient in quality or quantity. The provisions of § 58.1-3713.01 as they relate to the development and adoption, by resolution, of an annual plan for such water projects and an annual plan for the funding of such water projects in such areas shall also apply to this section. A county or city shall not expend revenues from the tax authorized by this section in a manner that is inconsistent with the priority for funding set forth in an approved plan.

2. That the provisions of this act shall be effective for any license year beginning on or after January 1, 2002.