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2004 SESSION
HB 1366 Retail Sales and Use Tax; increased for higher education.
Introduced by: James M. Scott | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Sales and use tax increase for higher education. Increases the state sales and use tax from 3.5 percent to 3.75 percent and dedicates the additional revenue for higher education according to the following formula: (i) 25 percent of the additional revenue shall be distributed to the Virginia Community College System to support operating costs, and (ii) the remaining 75 percent of the additional revenue shall be distributed to various four-year public institutions of higher education in accordance with the recommendations and findings of the Joint Subcommittee for Higher Education Funding Policies, and with priority given to those institutions (a) demonstrating the highest rate of increase in in-state enrollments and (b) having the portion of out-of-state enrollments in each incoming freshman class not exceeding 25 percent, as set forth in the appropriation act. However, such restriction on out-of-state enrollments shall not apply to Norfolk State University, Virginia Military Institute, and Virginia State University.
FULL TEXT
HISTORY
- 01/22/04 House: Presented & ordered printed 043787500
- 01/22/04 House: Referred to Committee on Finance
- 01/26/04 House: Assigned to Finance sub-committee: 1
- 02/04/04 House: Passed by indefinitely in Finance (21-Y 0-N)