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2018 SESSION

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HB 692 Virginia Regional Industrial Facilities Act; revenue sharing, composite index.

Introduced by: Daniel W. Marshall, III | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Virginia Regional Industrial Facilities Act; revenue sharing; composite index. Requires the Department of Taxation's calculation of true values as applied to the Commonwealth's composite index of local ability-to-pay to take into account an arrangement by localities entered into pursuant to the Virginia Regional Industrial Facilities Act whereby a portion of tax revenue is initially paid to one locality and redistributed to another locality. The bill requires such calculation to properly apportion the percentage of tax revenue ultimately received by each locality. The bill has a delayed effective date of July 1, 2020.


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