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2003 SESSION

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HB 1872 Budget Bill; additional funds in the Revenue Stabilization Fund.

Introduced by: John M. O'Bannon, III | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Budget Bill; additional funds in the Revenue Stabilization Fund. Requires the Governor to include in his annual Budget Bill certain additional deposits to the Revenue Stabilization Fund under certain conditions. This bill incorporates HB 2762.

SUMMARY AS PASSED HOUSE:

Budget Bill; additional funds in the Revenue Stabilization Fund. Requires the Governor to include in his annual Budget Bill certain additional deposits to the Revenue Stabilization Fund under certain conditions. Incorporates HB 2762.

SUMMARY AS INTRODUCED:

Excess funds in the Revenue Stabilization Fund. Establishes a mechanism to provide tax relief to Virginia taxpayers when the Auditor of Public Accounts determines the Revenue Stabilization Fund has reached its maximum size as provided in the Constitution of Virginia. The excess funds will be deposited in a special nonreverting fund titled the "Virginia Taxpayer Surplus Relief Fund" and must be used by the next session of the General Assembly to provide tax relief to Virginia taxpayers.