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2023 SESSION

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HB 1841 Revenue Stabilization Fund and Revenue Reserve Fund; elimination of certain required deposits.

Introduced by: Barry D. Knight | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Revenue Stabilization Fund and Revenue Reserve Fund; required deposits. Eliminates the requirement that certain revenues be deposited in the Revenue Stabilization Fund that are in excess of the deposits required by the Constitution of Virginia and adds a new requirement that additional deposits be made to the Revenue Reserve Fund if general fund revenues exceed certain amounts in a fiscal year.

SUMMARY AS INTRODUCED:

Revenue Stabilization Fund and Revenue Reserve Fund; required deposits. Eliminates the requirement that certain revenues be deposited in the Revenue Stabilization Fund that are in excess of the deposits required by the Constitution of Virginia. Adds a new requirement that additional deposits be made to the Revenue Reserve Fund if general fund revenues exceed certain amounts in a fiscal year. The bill enables the combined balance of the Revenue Stabilization Fund and the Revenue Reserve Fund to exceed 15 percent of average annual tax revenues derived from taxes on income and retail sales if the balance of the Revenue Reserve Fund does not exceed six percent of such revenues.