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2019 SESSION

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Senate Committee on Finance

Co-Chair: Thomas K. Norment, Jr. - Co-Chair: Emmett W. Hanger, Jr.

Clerk: John Garrett
Staff: Lisa Wallmeyer
Date of Meeting: January 15, 2019
Time and Place: 9:00 AM Shared Committee Room B

S.B. 1270 Real property tax exemption for disabled veterans; surviving spouses; ability to move.

Patron: Stuart

Real property tax exemption for disabled veterans; surviving spouses; ability to move to a different residence. Enacts as statutory law an amendment to subdivision (a) of Section 6-A of Article X of the Constitution of Virginia that was adopted by the voters on November 6, 2018, which applies the real property tax exemption for the surviving spouse of a disabled veteran to such spouse's principal place of residence regardless of whether such spouse moves to a different residence. The provisions of the bill would apply to taxable years beginning on and after January 1, 2019. The bill makes technical corrections related to the real property tax exemptions for surviving spouses of members of the armed forces killed in action and surviving spouses of certain persons killed in the line of duty.

A BILL to amend and reenact §§ 58.1-3219.5, 58.1-3219.9, and 58.1-3219.14 of the Code of Virginia, relating to real property tax exemption for disabled veterans; surviving spouses; ability to move to a different residence.

19101186D

S.B. 1318 Bond bills; Governor's required submission.

Patron: Hanger

Governor's required submission of bond bills. Changes the requirement that the Governor submit certain bond bills concurrently with the submission of his Budget Bill, or his gubernatorial amendments to the Budget Bill, to requiring that the Governor ensure that prefiled bond bills will be submitted to the Chairman of the House Committee on Appropriations and the Chairman of the Senate Committee on Finance for such bond legislation. Currently, the Governor is required to submit on the same day his Budget Bill or his proposed amendments thereto are submitted any bond bills authorizing additional indebtedness if the bonds are authorized under or are to be repaid from revenues or appropriations contained in his Budget Bill or his proposed amendments thereto.

A BILL to amend and reenact § 2.2-1509 of the Code of Virginia, relating to the requirement for the Governor's submission of bills requesting an authorization of additional bonded indebtedness.

19102103D

S.B. 1319 Commonwealth of Virginia Institutions of Higher Education Bond Act of 2019; created.

Patron: Hanger

Bonds for institutions of higher education. Authorizes issuance of bonds in an amount up to $17,500,000 for revenue-producing capital projects at institutions of higher education. The bill contains an emergency clause.

A BILL to authorize the issuance of bonds, in an amount up to $17,500,000 plus financing costs, pursuant to Article X, Section 9 (c) of the Constitution of Virginia, for paying costs of acquiring, constructing, and equipping revenue-producing capital projects at institutions of higher education of the Commonwealth; to authorize the Treasury Board, by and with the consent of the Governor, to fix the details of such bonds, to provide for the sale of such bonds, and to issue notes to borrow money in anticipation of the issuance of the bonds; to provide for the pledge of the net revenues of such capital projects and the full faith, credit, and taxing power of the Commonwealth for the payment of such bonds; and to provide that the interest income on such bonds and notes shall be exempt from all taxation by the Commonwealth and any political subdivision thereof.

19102366D

EMERGENCY

S.B. 1323 Capital outlay plan; updates six-year plan for projects.

Patron: Hanger

Capital outlay plan. Updates the six-year capital outlay plan for projects to be funded entirely or partially from general fund-supported resources.

A BILL to create a six-year capital outlay plan for projects to be funded entirely or partially from general fund-supported resources and to repeal Chapters 715 and 722 of the Acts of Assembly of 2017.

19103643D

S.B. 1588 Partial exemption from real property taxes for flood mitigation efforts.

Patron: Lewis


Partial exemption from real property taxes for flood mitigation efforts. Codifies an amendment to Article X, Section 6 of the Constitution of Virginia that was adopted by the voters on November 6, 2018, which enables a locality to provide by ordinance a partial exemption from real property taxes for flooding abatement, mitigation, or resiliency efforts for improved real estate that is subject to recurrent flooding. The bill provides that exemptions may only be granted for qualifying flood improvements. Qualifying flood improvements are defined in the bill as improvements that do not increase the size of any impervious area and are made to qualifying structures or to land. Qualifying structures are defined as structures that were completed prior to July 1, 2018 or were completed more than 10 years prior to the completion of the improvements. For improvements made to land, the improvements must be made primarily for the benefit of one or more qualifying structures. No exemption shall be granted for any improvements made prior to July 1, 2018.

The locality is granted the authority to (i) establish flood protection standards that qualifying flood improvements must meet in order to be eligible for the exemption; (ii) determine the amount of the exemption; (iii) set income or property value limitations on eligibility; (iv) provide that the exemption shall only last for a certain number of years; (v) determine, based upon flood risk, areas of the locality where the exemption may be claimed; and (vi) establish preferred actions for qualifying for the exemption, including living shorelines.

A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 32 of Title 58.1 a section numbered 58.1-3228.1, relating to partial exemption from real property taxes for flood mitigation efforts.

19103418D