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2007 SESSION
078962554Be it enacted by the General Assembly of Virginia:
1. That § 58.1-662 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-662. Disposition of communications sales and use tax revenue; Communications Sales and Use Tax Trust Fund; localities' share.
A. There is hereby created in the Department of the Treasury a special nonreverting fund which shall be known as the Communications Sales and Use Tax Trust Fund (the Fund). The Fund shall be established on the books of the Comptroller and any funds remaining in the Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest earned on the funds shall be credited to the Fund. After transferring moneys from the Fund to the Department of Taxation to pay for the direct costs of administering this chapter, the moneys in the Fund shall be allocated to the Commonwealth's counties, cities, and towns, and distributed in accordance with subsection C, after the payment (i) for the telephone relay service center is made to the Department of Deaf and Hard-of-Hearing in accordance with the provisions of § 51.5-115 and (ii) of any franchise fee amount due to localities in accordance with any cable franchise in effect as of January 1, 2007.
B. The localities' share of the net revenue distributable under this section among the counties, cities, and towns shall be apportioned by the Tax Commissioner and distributed as soon as practicable after the close of each month during which the net revenue was received into the Fund. The distribution of the localities' share of such net revenue shall be computed with respect to the net revenue received in the state treasury during each month.
C. The net revenue distributable among the counties, cities,
and towns shall be apportioned and distributed monthly during the remainder of
Fiscal Year 2007 and during each subsequent fiscal year according to the
percentage of telecommunications and television cable funds (local consumer
utility tax on landlines and wireless, E-911, business license tax in excess of
0.5%, cable franchise fee, video programming excise tax, local consumer utility
tax on cable television) they received respectively in Fiscal Year 2006 2007
from local tax rates adopted on or before January 1, 2006 2007.
An amount equal to the total franchise fee paid to each locality with a cable
franchise existing on the effective date of this section at the rate in
existence on January 1, 2007, shall be subtracted from the amount owed to such
locality prior to the distribution of moneys from the Fund.
D. For the purposes of the Comptroller making the required transfers, the Tax Commissioner shall make a written certification to the Comptroller no later than the twenty-fifth of each month certifying the communications sales and use tax revenues generated in the preceding month. Within three calendar days of receiving such certification, the Comptroller shall make the required transfers to the Communications Sales and Use Tax Trust Fund.
E. If errors are made in any distribution, or adjustments are otherwise necessary, the errors shall be corrected and adjustments made in the distribution for the next month or for subsequent months.