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2004 SPECIAL SESSION I

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(HB5018)

AMENDMENT(S) REJECTED BY THE SENATE

SEN. CUCCINELLI (WITHDRAWN)

    1. Line 1881, substitute, after line 1880

      insert

        9. That, beginning with the Commonwealth’s fiscal year starting on July 1, 2004, the Secretary of Finance shall on or before October 1 of each such fiscal year provide a forecast of the net additional revenues anticipated to be generated pursuant to the provisions of this act. The net additional revenues collected in any fiscal year beginning on and after July 1, 2004, in excess of the forecast for the net additional revenues anticipated to be generated from (i) the amendments to the age deduction under subdivision D 5 of 58.1-322 pursuant to the provisions of this act; (ii) the additions to federal taxable income under subdivisions B 8 and B 9 of 58.1-402 pursuant to the provisions of this act; (iii) the additional sales and use taxes of one-half percent under 58.1-603, 58.1-604, 58.1-604.1, and 58.1-614 pursuant to the provisions of this act; (iv) the amendments to 58.1-609.3 effective August 1, 2004, pursuant to the provisions of this act; (v) the increases in the recordation taxes under 58.1-801, 58.1-803, 58.1-807, and 58.1-808 pursuant to the provisions of this act; (vi) the increases in the cigarette tax under 58.1-1001 pursuant to the provisions of this act; and (vii) the taxes on tobacco products under Chapter 10 of Title 58.1 pursuant to the provisions of this act shall be deposited into the Transportation Trust Fund established under 33.1-23.03:2 and distributed in accordance with law.

SEN. CUCCINELLI

    2. Line 1881, substitute, after line 1880

      insert

        9. That, beginning with the Commonwealth's fiscal year starting on July 1, 2004, the Secretary of Finance shall on or before October 1 of each such fiscal year provide a forecast of the net additional revenues anticipated to be generated pursuant to the provisions of this act. The net additional revenues collected in any fiscal year beginning on and after July 1, 2004, in excess of the forecast for the net additional revenues anticipated to be generated from (i) the amendments to the age deduction under subdivision D 5 of 58.1-322 pursuant to the provisions of this act; (ii) the additions to federal taxable income under subdivisions B 8 and B 9 of 58.1-402 pursuant to the provisions of this act; (iii) the additional sales and use taxes of one-half percent under 58.1-603, 58.1-604, 58.1-604.1, and 58.1-614 pursuant to the provisions of this act; (iv) the amendments to 58.1-609.3 effective August 1, 2004, pursuant to the provisions of this act; (v) the increases in the recordation taxes under 58.1-801, 58.1-803, 58.1-807, and 58.1-808 pursuant to the provisions of this act; (vi) the increases in the cigarette tax under 58.1-1001 pursuant to the provisions of this act; and (vii) the taxes on tobacco products under Chapter 10 of Title 58.1 pursuant to the provisions of this act shall be deposited into the Transportation Trust Fund established under 33.1-23.03:2 and distributed in accordance with law, subject to any constitutional requirement for the making of deposits into the Revenue Stabilization Fund. The deposits required by the enactment shall be effective for the fiscal years commencing on July 1, 2004 and July 1, 2005.

SEN. CUCCINELLI

    3. Line 1881, substitute

      strike

        9.

      insert

        10.