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2002 SESSION

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HB 656 Sales & use tax; optional levy for educ. or transp. purposes in No.Va.

Introduced by: James H. Dillard, II | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Sales and use tax. Authorizes counties and cities to levy an additional local sales and use tax at a rate of one-half of one percent with the revenues generated from such tax reserved solely for public education purposes. The tax shall be adopted by local ordinance only after prior approval by the voters at a local referendum. The ordinance shall become effective on the first day of a month at least 60 days after its adoption, but in no event, prior to April 1, 2003. The bill also increases the state sales and use tax by one percent in all cities and counties within the Eighth Planning District. One-half of the revenues from such increase shall be distributed to such counties and cities based on point-of-sale and may only be used for transportation or education-related purposes. The remainder of such revenues shall be distributed to the Northern Virginia Transportation Authority ("Authority"). The Authority is authorized to issue bonds in the principal amount of $2,380,000,000 for transportation projects in the Northern Virginia Regional Transportation Program. The additional state sales and use tax would be effective April 1, 2003, but is contingent upon approval of the additional tax by a majority of persons voting in a joint referendum of all the cities and counties in the Eighth Planning District on November 5, 2002.


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