Revenue Stabilization Fund; excess funds deposited in Taxpayer Surplus Relief Fund. (HB1329)

Introduced By

Del. John O'Bannon (R-Richmond) with support from co-patron Del. Sam Nixon (R-Richmond)

Description

Excess funds in the Revenue Stabilization Fund. Establishes a mechanism to provide tax relief to Virginia taxpayers when the Auditor of Public Accounts determines the Revenue Stabilization Fund has reached its maximum size as provided in the Constitution of Virginia. The excess funds will be deposited in a special nonreverting fund titled the Virginia Taxpayer Surplus Relief Fund and must be used by the next session of the General Assembly to provide tax relief to Virginia taxpayers. Amends § 2.2-1829 (“Reports of Auditor of Public Accounts; Fund deposits and withdrawals.”), of the Code of Virginia. View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.