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2004 SESSION

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044498472
HOUSE BILL NO. 1486 Offered January 27, 2004 A BILL to amend the Code of Virginia by adding sections numbered 30-19.1:10 and 58.1-344.3, relating to procedures for evaluating and granting voluntary contributions of refunds legislation. ---------- Patron-- Purkey ---------- Unanimous consent to introduce ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding sections numbered 30-19.1:10 and 58.1-344.3 as follows:

§ 30-19.1:10. Legislation creating voluntary contributions of refunds to certain organizations.

A. Legislation providing a voluntary contribution of tax refunds in accordance with the applicable provisions of Article 4 (§ 58.1-340 et seq.) of Chapter 3 of Title 58.1 shall be considered by the General Assembly only if the following requirements are satisfied:

1. No more than 25 voluntary contributions of refunds provisions shall be in the Code of Virginia and listed on the individual income tax returns;

2. Any provision in the Code that names an organization or entity as a recipient of voluntary contributions of refunds, which organization or entity fails to receive through voluntary contributions of refunds at least $10,000 annually for three consecutive years, shall be repealed and the name removed from the list of such organizations on the individual income tax return; and

3. All provisions allowing such contributions shall be reviewed annually by the House and Senate Finance Committees.

§ 58.1-344.3. Voluntary contributions of refunds requirements.

For taxable years beginning on and after January 1, 2004, all voluntary contributions of tax refunds legislation shall satisfy the requirements in § 30-19.1:10.