VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

• history | hilite | pdf | print version

990683264
HOUSE BILL NO. 1523 Offered January 13, 1999 Prefiled January 6, 1999 A BILL to amend the Code of Virginia by adding in Article 1 of Chapter 3 of Title 58.1 a section numbered 58.1-318, relating to the distribution of income tax revenues. ---------- Patron-- Hamilton ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 1 of Chapter 3 of Title 58.1 a section numbered 58.1-318 as follows:

§ 58.1-318. Distribution of income tax revenues to localities.

Effective for taxable years beginning on and after January 1, 1999, a percentage of the Commonwealth’s individual income tax revenues shall be returned to the localities based on the residence of the taxpayer in accordance with the following schedule:

Date payment made to localities Percentage of individual income tax revenues December 1, 2000 Two percent of taxable year 1999 December 1, 2001 Four percent of taxable year 2000 December 1, 2002, and Eight percent of taxable year 2001 each year thereafter and each taxable year thereafter

Adjustments to such payments due to amended returns shall be made in the following year’s payment.