AMENDMENT(S) PROPOSED BY THE SENATE

SEN. NORMENT

1. Line 399, substitute, after such that

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the revenue to be received from such reduced tax rate or rates on that portion of the value not in excess of $20,000, when added to the Commonwealth’s reimbursement,

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(i) the revenue to be received from such reduced tax rate or rates on that portion of the value of qualifying vehicles not in excess of $20,000 plus (ii) the revenue to be received on that portion of the value of qualifying vehicles in excess of $20,000 plus (iii) the Commonwealth’s reimbursement

SEN. NORMENT

2. Line 483, substitute, after line 482

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5. That any county, city, or town with a tax year 2004 tangible personal property tax due date that falls in the first six months of 2004 shall be reimbursed by the Commonwealth for any interest expense incurred in tax year 2006 on short-term financing required to transition from the Personal Property Tax Relief Act of 1998 (Chapter 35.1 of Title 58.1 of the Code of Virginia as such chapter existed on January 1, 2004) to the reimbursement specified under the amendments to such Chapter 35.1 pursuant to the provisions of this act. The amount to be reimbursed shall be determined by the Secretary of Finance based on documentation presented by affected localities after July 2006.

SEN. NORMENT

3. Line 483, substitute

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5.

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6.

SEN. NORMENT

4. Line 485, substitute

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6.

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7.

SEN. NORMENT

5. Line 485, substitute, after in the

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third and fourth

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third, fourth, and fifth