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2013 SESSION

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Senate Committee on Finance

Chairman: Walter A. Stosch

Clerk: Patty Lung, Cheryl Law
Staff: Nicole Brenner, L. Wallmeyer
Date of Meeting: January 15, 2013
Time and Place: 9:00 a.m. - Senate Room B

S.B. 754

Patron: Stosch

Revenue bond bills for higher education; modifications. Modifies revenue bond bills for institutions of higher education enacted in 2008 by changing a project at Radford University from "construct residence halls" to "renovate residence halls." The bill also modifies revenue bond bills for institutions of higher education enacted in 2012 by (i) changing a project at the College of William and Mary from "renovate dormitory" to "renovate dormitories," (ii) increasing the amount allocated for such project from $5,000,000 to $14,650,000, and (iii) increasing the maximum aggregate amount of bonds that may be issued from $125,594,000 to $135,244,000. The bill states that an emergency exists and that the bill is in force from its passage.

EMERGENCY

S.B. 766

Patron: Wagner

Sales and use tax exemption for hurricane preparedness equipment; eligible equipment. Adds gas-powered chainsaws with a selling price of $350 or less and chainsaw accessories to the list of equipment eligible for the sales and use tax exemption for hurricane preparedness equipment.

S.B. 834

Patron: Lucas

Portsmouth Port and Industrial Commission; annual report of financial performance. Requires the Commission to have an independent certified public accountant prepare a report of financial performance each year. The bill also requires the Commission to cooperate with the City of Portsmouth's independent auditor in the preparation of the city's Comprehensive Annual Financial Report. Under current law, the Commission is required only to arrange to have its records audited annually.

S.B. 912

Patron: Ruff

Management agreement between the Commonwealth and College of William and Mary; responsibilities of Building Official. Removes the responsibility for building code compliance at Richard Bland College from the designated Building Official at the College of William and Mary.

S.B. 1017

Patron: Howell

Tax-paid contraband cigarettes; penalties. Increases the penalty for possession with intent to distribute more than 25 but fewer than 500 cartons of tax-paid cigarettes by a person other than an authorized holder from a Class 2 to a Class 1 misdemeanor for a first offense and from a Class 1 misdemeanor to a Class 6 felony for a second or subsequent offense. The bill also imposes a Class 6 felony for possession, with intent to distribute, of 500 or more cartons of tax-paid cigarettes by a person other than an authorized holder and a Class 5 felony for a second or subsequent offense.

S.B. 1018

Patron: Howell

Unstamped cigarettes; sale, transport, possession, etc.; penalties. Provides that it is a Class 6 felony to sell, purchase, transport, receive, or possess 500 or more packages of unstamped cigarettes and a Class 5 felony for a second offense; under current law, the threshold is 3,000 or more packages and there is no heightened penalty for a second offense. The bill also provides that it is a Class 1 misdemeanor to sell fewer than 500 packages of unstamped cigarettes; under current law the threshold is fewer than 3,000 packages and is a Class 2 misdemeanor.

S.B. 1041

Patron: Newman

City of Bedford reversion; taxation of real property that becomes part of Bedford County. Requires Bedford County to impose real property taxes on property that becomes part of the County as a result of the reversion of the City of Bedford to town status. The property is to be taxed for a short tax year running from the date of the reversion, July 1, 2013, through December 31, 2013. The bill declares an emergency exists and it is effective upon passage.

EMERGENCY

S.B. 1044

Patron: Newman

Payment of constitutional officers; verification to Compensation Board. Allows counties and cities to submit evidence of salaries, expenses, and other allowances to the Compensation Board quarterly and verify monthly that such information has not changed. If such information changes then counties and cities must submit satisfactory evidence of the change.

S.B. 1067

Patron: Carrico

Taxation of all-terrain vehicles. Exempts all-terrain vehicles from retail sales and use tax and applies a five percent motor vehicle sales and use tax.

S.B. 1101

Patron: McDougle

Sales tax exemption; school supplies, clothing, and footwear. Moves the "back-to-school" sales tax holiday for certain school supplies, clothing, and footwear from the first weekend in August to the third weekend in August.

S.B. 1105

Patron: McDougle

Biennial appropriation act. Provides that the Commonwealth's biennial appropriations shall start on July 1 of odd-numbered years beginning with the biennial appropriation act for the period July 1, 2015, through June 30, 2017. The bill requires that the fiscal year beginning July 1, 2014, would not be a part of any biennial appropriation act (i.e., it would be a single-year transitional budget).

S.B. 1133

Patron: McDougle

Tangible personal property tax; computer equipment and peripherals used in data centers. Creates a separate classification, for purposes of permitting localities to set a lower personal property tax rate, on computer equipment and peripherals used in a data center.

S.B. 1216

Patron: Newman

Technical corrections for administration of the insurance premiums license tax. Makes technical corrections to facilitate the transfer of the administration of the state insurance premiums license tax from the State Corporation Commission to the Department of Taxation pursuant to legislation passed by the 2011 Session of the General Assembly.

S.B. 1220

Patron: Norment

Virginia College Savings Plan; deposit of income tax refunds. Permits taxpayers to direct the Department of Taxation to deposit all or any part of an income tax refund into their Virginia College Savings Plan accounts. The provisions of the bill shall be effective for taxable years beginning on or after January 1, 2014.

S.B. 1241

Patron: Stosch

Commonwealth's tax code; conformity with federal law; emergency. Advances the conformity with the federal tax code from December 31, 2011, to January 2, 2013, and restores conformity with the federal earned income tax credit. The bill contains an emergency clause.

EMERGENCY