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1994 SESSION

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LD7357468
HOUSE BILL NO. 92 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on Finance on January 31, 1994) (Patron Prior to Substitute--Delegate Thomas) A BILL to amend and reenact § 58.1-1410 of the Code of Virginia, relating to the watercraft sales and use tax.

Be it enacted by the General Assembly of Virginia:

1. That § 58.1-1410 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-1410. Disposition of funds.

All funds Funds collected hereunder by the Tax Commissioner shall be paid forthwith into the general fund of the state treasury.and allocated by the State Treasurer to the motorboat and water safety fund of the game protection fund in the following manner:

     For Fiscal Year                       Percentage of Collections
          1994                                        25%
          1995                                        50%
          1996                                        75%
          1997 and thereafter                        100%

No later than thirty days after the end of the fiscal year, the Comptroller shall transfer to the motorboat and water safety fund of the game protection fund the appropriate percentage of collections to be dedicated to such fund. Adjustments may be necessary subject to the audit report of the Auditor of Public Accounts.