Transportation Investment Bond Act of 2006; created. (HB1257)

Introduced By

Del. Tim Hugo (R-Centreville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Transportation funding for Northern Virginia and Hampton Roads. Provides funding for transportation projects in Northern Virginia (i.e. the Cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park, and the Counties of Arlington, Fairfax, Loudoun, and Prince William, and Hampton Roads (i.e. the Cities of Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg, and the Counties of Gloucester, Isle of Wight, James City, Southampton, and Surry) as follows: (i) dedicates a pro-rata portion of one-third of all insurance license tax revenues, based on population, to Northern Virginia and to Hampton Roads, and (ii) dedicates $20 million in FY 07 and $25 million annually thereafter in state recordation tax revenues to Northern Virginia, and dedicates $10 million in FY 07 and $15 million annually thereafter to Hampton Roads. The funds for each region are deposited into separate, newly created special funds, and are dedicated solely for transportation projects in each region. Bonds are authorized to be issued annually with a face value up to two-thirds of the amount estimated to be deposited into each fund for each respective fiscal year, with the proceeds to be used for transportation projects in each region. The transportation projects to be funded in Hampton Roads shall be determined by the Hampton Roads Metropolitan Planning Organization with the advice and consent of the members of the House Appropriations and Senate Finance Committee members residing in Planning District 23. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 065129332
01/11/2006Referred to Committee on Transportation
01/24/2006Referred from Transportation
01/24/2006Referred to Committee on Appropriations
01/27/2006Assigned App. sub: Transportation (May)
02/10/2006Reported from Appropriations with substitute (21-Y 2-N)
02/11/2006Committee substitute printed 065211332-H1
02/11/2006Read first time
02/13/2006Read second time
02/13/2006Committee substitute agreed to 065211332-H1
02/13/2006Engrossed by House - committee substitute HB1257H1
02/14/2006Read third time
02/14/2006Pending question ordered
02/14/2006Passed House (79-Y 20-N)
02/14/2006VOTE: PASSAGE (79-Y 20-N)
02/14/2006Communicated to Senate
02/15/2006Constitutional reading dispensed
02/15/2006Referred to Committee on Finance
02/27/2006Fiscal impact statement from DPB (HB1257H1)
03/07/2006Left in Finance (15-Y 0-N)