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2003 SESSION

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HJ 644 Constitutional amendment (first resolution); spending;appropriations.

Introduced by: Robert F. McDonnell | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); spending requirements and restrictions. Requires the General Assembly to appropriate Virginia tax revenues that exceed an annual growth rate of seven percent for (i) a new INVEST Fund, to be used solely for capital infrastructure projects and (ii) tax refunds to taxpayers. The amount attributable to the first two percentage points of growth in excess of such seven percent shall be deposited into the newly created INVEST Fund and all revenues attributable to any additional rate of growth shall be refunded to taxpayers. In addition, regardless of revenue projections, at least two percent of tax revenues must be deposited into the INVEST Fund every year. This resolution is incorporated into HJR 592.

FULL TEXT

• 01/08/03  House: Presented & ordered printed, prefiled 01/08/03 031989772  pdf

HISTORY

• 01/08/03  House: Presented & ordered printed, prefiled 01/08/03 031989772
• 01/08/03  House: Referred to Committee on Privileges and Elections
• 01/20/03  House: Assigned to P. & E. sub-committee: 1
• 01/24/03  House: Incorporated by P.&E. (HJ592-Callahan) (21-Y 0-N)