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2009 SESSION

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HB 2480 Real property tax; commercial property in Northern Virginia and Hampton Roads.

Introduced by: Timothy D. Hugo | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Real property tax; commercial property in Northern Virginia and Hampton Roads.  Requires localities to use the revenue from the special real property tax on commercial property in localities embraced by the Northern Virginia Transportation Authority or the Hampton Roads Transportation Authority solely for (i) new road construction and associated design and right of way acquisition, (ii) new public transit construction and associated design and right of way acquisition, (iii) other initial capital costs related to new transportation projects and the operating costs directly related thereto and (iv) the issuance costs and debt service on bonds to support the capital costs permitted in (i) through (iii).  Under current law, the localities must use the revenue for transportation purposes that benefit the special regional transportation tax district to which the locality belongs.


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