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2013 SESSION

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SB 717 Sources of revenue; establishing and adjusting for appropriations of State and its localities.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Establishing and adjusting sources of revenue for appropriations of the Commonwealth and its localities. Makes several changes to sources of revenue of the Commonwealth:

Establishes a five percent tax on motor fuels sales based on the statewide average wholesale price of a gallon of self-serve unleaded regular gasoline. The revenues would be distributed to the Highway Maintenance and Operating Fund, the Transportation Trust Fund, the Intercity Passenger Rail Operating and Capital Fund, and the localities to be used for transportation purposes.

Increases the additional registration fee on electric vehicles from $50 to $102 and requires hybrid electric motor vehicles registered in the Commonwealth to pay this fee. However, owners of hybrid electric motor vehicles registered in the Commonwealth would be eligible for a refund of the new five percent tax on motor fuels sales.

Prohibits the placement of tolls on existing roads in the Commonwealth without the approval of the General Assembly.

Lowers individual income tax rates and changes the individual income tax structure, effective January 1, 2014. Income less than $5,000 would be taxed at a 0.75% rate, income over $5,000 and up to $17,000 would be taxed at a 4.5% rate, and income over $17,000 would continue to be taxed at a 5.75% rate.

Repeals income tax credits for vehicle emissions testing equipment, clean-fuel vehicles, and biodiesel fuel producers effective for taxable years beginning on or after January 1, 2013.

Eliminates the sales tax exemption currently extended to certain services, such as auto repairs, taxi and limousines, armored cars, travel, and transportation.


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