Transportation; additional statewide funding dedicated thereto. (HB5059)
Introduced By
Del. Mark Sickles (D-Alexandria)
Progress
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Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Transportation; additional statewide funding. Provides additional funding for transportation purposes statewide by: (i) imposing an additional fee for each conviction as shown on the driving record of certain motor vehicle law offenders; (ii) dedicating to the Transportation Trust Fund 75% of any annual general fund surplus revenues remaining after any required deposits to the Revenue Stabilization Fund and to the Virginia Water Quality Improvement Fund; (iii) by returning to localities an amount equivalent to 10 cents on every $100 of the consideration for each deed or other instrument for which a state recordation tax is imposed to the locality in which it was generated; (iv) increasing the tax rate on diesel fuel from $0.16 to $0.175 (the same as imposed on gasoline), and indexing the tax rates of gasoline and diesel fuel to inflation. Amends § 33.1-23.03:1 (“Transportation Trust Fund.”), § 46.2-206.1 (“”), § 58.1-2217 (“Taxes levied; rate.”), § 58.1-2249 (“Tax on alternative fuel.”), § 58.1-2289 (“(Contingent expiration date \u2013 see Editor\u2019s notes) Disposition of tax revenue generally.”), § 58.1-2701 (“(Contingent expiration date \u2013 see Editor\u2019s notes) Amount of tax.”), § 58.1-2706 (“Credit for payment of motor fuel, diesel fuel or liquefied gases tax.”), of the Code of Virginia. View Full Text »
