VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2023 SESSION

• | print version

SB 1521 Revenue reserves; deposits, withdrawals, and budgetary amendments.

Introduced by: George L. Barker | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Revenue reserves and budgetary amendments. Increases the maximum combined amount in the Revenue Stabilization Fund and the Revenue Reserve Fund from 15 percent to 20 percent of the Commonwealth's average annual tax revenues derived from taxes on income and retail sales for the preceding three years. The bill also increases from five percent to eight percent the estimated amount of general fund revenues that exceed the actual general fund revenues for the immediately preceding fiscal year to trigger additional deposits to the Revenue Stabilization Fund that shall be included in the Governor's budget recommendations.

FULL TEXT

• 01/20/23  Senate: Presented and ordered printed 23102481D  pdf | impact statement
• 01/31/23  Senate: Committee substitute printed 23105268D-S1  pdf | impact statement
• 02/13/23  House: Committee substitute printed 23106648D-H1  pdf | impact statement

AMENDMENTS

• Senate committee, floor amendments and substitutes offered

HISTORY

• 01/20/23  Senate: Presented and ordered printed 23102481D
• 01/20/23  Senate: Referred to Committee on Finance and Appropriations
• 01/31/23  Senate: Reported from Finance and Appropriations with substitute (15-Y 0-N)
• 01/31/23  Senate: Committee substitute printed 23105268D-S1
• 02/01/23  Senate: Constitutional reading dispensed (40-Y 0-N)
• 02/02/23  Senate: Read second time
• 02/02/23  Senate: Reading of substitute waived
• 02/02/23  Senate: Committee substitute agreed to 23105268D-S1
• 02/02/23  Senate: Engrossed by Senate - committee substitute SB1521S1
• 02/02/23  Senate: Constitutional reading dispensed (40-Y 0-N)
• 02/02/23  Senate: Passed Senate (40-Y 0-N)
• 02/13/23  House: Placed on Calendar
• 02/13/23  House: Read first time
• 02/13/23  House: Referred to Committee on Appropriations
• 02/13/23  House: Assigned App. sub: General Government and Capital Outlay
• 02/13/23  House: Reported from Appropriations with substitute (21-Y 0-N)
• 02/13/23  House: Committee substitute printed 23106648D-H1
• 02/15/23  House: Read second time
• 02/16/23  House: Read third time
• 02/16/23  House: Committee substitute agreed to 23106648D-H1
• 02/16/23  House: Engrossed by House - committee substitute SB1521H1
• 02/16/23  House: Passed House with substitute BLOCK VOTE (99-Y 0-N)
• 02/16/23  House: VOTE: Block Vote Passage (99-Y 0-N)
• 02/20/23  Senate: House substitute rejected by Senate (0-Y 40-N)
• 02/21/23  House: House insisted on substitute
• 02/21/23  House: House requested conference committee
• 02/22/23  Senate: Senate acceded to request (40-Y 0-N)
• 02/22/23  Senate: Conferees appointed by Senate
• 02/22/23  Senate: Senators: Barker, Locke, Norment
• 02/23/23  House: Conferees appointed by House
• 02/23/23  House: Delegates: Knight, Austin, Torian
• 02/25/23  Senate: No further action taken
• 02/25/23  Senate: Failed to pass in Senate