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2014 SESSION

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Senate Committee on Finance

Chairman: Walter A. Stosch

Clerk: Patty Lung, Wesley Bland
Staff: Nicole Brenner, Mark Vucci
Date of Meeting: January 14, 2014
Time and Place: 9:00 a.m. - Senate Room B

S.B. 66

Patron: Marsh

Reassessment of real estate and equalization of assessments; City of Richmond. Allows the City of Richmond by ordinance to provide for a board of equalization or a permanent board of equalization instead of a board of review.

S.B. 68

Patron: Marsh

Real estate with delinquent taxes. Changes the criteria for transferring certain tax-delinquent real property to localities through a special commissioner in the Cities of Norfolk, Richmond, Hopewell, Newport News, Petersburg, and Hampton by reducing the percentage of taxes and liens from exceeding 35 percent to 20 percent and of taxes alone from 15 percent to 10 percent, respectively, and including parcels with an assessed value of $100,000 or less.

S.B. 79

Patron: Ruff

Optional retirement plan maintained by institution of higher education; withdrawal of contributions before retirement. Allows the governing board of an institution of higher education to establish a policy regarding the number of years of creditable service that an employee must have before being eligible for an unreduced refund of his accumulated contributions if he ceases to be an employee other than by death or retirement. The policy would only apply to employees hired on or after July 1, 2014.

S.B. 87

Patron: Watkins

Virginia Retirement System. Makes technical amendments to the programs administered by the Virginia Retirement System.

S.B. 187

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, 2017, through June 30, 2019. The bill requires that the fiscal year beginning July 1, 2016, would not be a part of any biennial appropriation act (i.e., it would be a single-year transitional budget).

S.B. 288

Patron: Stosch

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

EMERGENCY

S.B. 394

Patron: Stosch

Bonds; capital projects at institutions of higher learning. Authorizes the Treasury Board to issue bonds pursuant to Article X, Section 9 (c) of the Constitution of Virginia in an amount up to $154,784,000 plus financing costs to finance revenue-producing capital projects at institutions of higher learning. The bill contains an emergency clause.

EMERGENCY

S.B. 414

Patron: Hanger

Tax contributions for restoration of the Chesapeake Bay. Requires the Secretary of Natural Resources to submit a report to the committees of oversight and the Virginia delegation to the Chesapeake Bay Commission by November 1 of each year describing how the moneys from the voluntary income tax check-off for Chesapeake Bay restoration activities were expended. The bill requires the report to be posted on a website maintained by the Secretary of Natural Resources, along with a cumulative listing of previous grants.

S.B. 420

Patron: Hanger

Virginia Retirement System; impact statements. Requires VRS impact statements to detail the financial impact of a proposed bill on members and beneficiaries.