Department of Accounts Transfer Payments (162)
256. | Revenue Stabilization Fund (73500) | 0 | 50,000,000
| | | | 114,000,000
| | | |
| | Payments to the Revenue Stabilization Fund (73501) | 0 | 50,000,000
| | | | 114,000,000
| | | |
| Fund Sources: | General | 0 | 50,000,000
| | | | 114,000,000
|
Authority: Title 2.2, Chapter 18, Article 4, Code of Virginia.
A. On or before November 1 of each year, the Auditor of Public
Accounts shall report to the General Assembly the certified tax revenues
collected in the most recently ended fiscal year. The Auditor shall, at
the same time, provide his report on the 10 percent limitation and the amount
that could be paid into the Fund in order to satisfy the mandatory deposit
requirement of Article X, Section 8 of the Constitution of Virginia as well as the
additional deposit requirement of § 2.2-1829, Code of Virginia.
B. Out of the appropriation in the second year, $50,000,000$114,000,000
shall be reserved by the State Comptroller on June 30, 2012, as a reserve for
any potential deposit required to be made to the Revenue Stabilization Fund
attributable for tax collections for fiscal year 2011, pursuant to § 2.2-1829,
Code of Virginia. This appropriation is subject to the following
conditions: 1) if the Auditor of Public Accounts’ certification of the required
deposit attributable to actual tax collections for fiscal year 2011 exceeds the
amount included in this item, the incremental amount required to meet the
actual required deposit as certified by the Auditor of Public Accounts shall be
deposited into the Revenue Stabilization Fund on or before June 30, 2013; or 2)
in the event the Auditor of Public Accounts’ certification of the required
deposit attributable to actual tax collections for fiscal year 2011 is less
than the amount included in this item, any amount in excess of the amount
needed to meet the actual required deposit shall remain in the general fund and
not be deposited to the Revenue Stabilization Fund.
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