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2002 SESSION

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SB 584 Investment Act of 2002; created.

Introduced by: Warren E. Barry | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Investment Act of 2002. Limits the rate of growth of state expenditures to the total of annual percentage changes in population and cost of living, but in no event greater than the three-year average percentage change in per capita personal income. Revenues in excess of the capped expenditure amount shall be deposited into the Virginia Investment Account and shall not be withdrawn from the Account until at least July 1 of the subsequent biennium except to defray the cost of an emergency. Money in the Account shall be appropriated only for (i) new transportation infrastructure construction, (ii) matching grants to localities for K through 12 public school construction and renovation projects, and (iii) non-recurring research and development grants relating to economic development activities, which may be conducted at public institutions of higher education. Matching grants to localities for K through 12 public school construction and renovation projects shall be based on the Commonwealth paying no more than one dollar for every three dollars generated by the locality. The amount of annual deposits to the Account is capped at five percent of the excess of revenues over expenditures, including deposits to the Revenue Stabilization Fund and Water Quality Improvement Fund, in a fiscal year. The excess revenue over the amount required to be deposited in the Account is to be refunded pro rata on annual income tax returns. The limit on the rate of general fund growth may be exceeded if the Governor declares an emergency.


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