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2002 SESSION

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HB 657 Sales and use tax; additional tax in No. Va. to fund educ. or transp.

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

SUMMARY AS INTRODUCED:

Sales and use tax; additional tax in Eighth Planning District to fund education and transportation projects. 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 the 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 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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