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2022 SESSION

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22101319D
SENATE BILL NO. 12 Offered January 12, 2022 Prefiled December 8, 2021 A BILL to amend and reenact § 15.2-2511.1 of the Code of Virginia, relating to local taxes; surplus revenues. ---------- Patrons-- Suetterlein; Delegate: McNamara ---------- Referred to Committee on Finance and Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. That § 15.2-2511.1 of the Code of Virginia is amended and reenacted as follows:

§ 15.2-2511.1. Return of local surplus funds.

Any locality may by ordinance develop a method for returning surplus real or personal property tax revenues, or both, to taxpayers who are assessed real property such taxes in any fiscal year in which the locality reports a surplus. The locality may reduce a taxpayer's refund by the amount of any taxes, penalties, and interest that are due from such taxpayer, or any past-due taxes, penalties, and interest that have been assessed within the appropriate period of limitations.