HB5098: Insurance license tax revenue; dedicated for transportation purposes.

Chief Patron

Del. Vince Callahan (R-34)

Status

Bill is Dead

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Summary

Insurance license tax revenue dedicated for transportation; bonds. Sets aside all state insurance license tax revenue related to motor vehicles for transportation purposes. The bill dedicates the first $20 million in each fiscal year through 2017 to the Washington Metropolitan Area Transit Authority (WMATA) to provide funds to the Authority as may be required under federal law for the payment of certain federal funds to WMATA and shall be used for capital improvements for WMATA's transit service (Metro). This dedication to WMATA does not become effective if the referenced federal law is not in effect on June 30, 2008. The bill authorizes the Commonwealth Transportation Board to issue bonds in an aggregate principal amount not to exceed $1.5 billion (with no more than $300 million to be issued in any one fiscal year), with the proceeds to be used to fund transportation projects in each highway construction district throughout the Commonwealth on a pro rata basis according to population. The Commonwealth Transportation Board shall determine the particular transportation projects to be funded within the National Highway System. Any revenue not needed to pay the matching amounts to WMATA or the debt service on bonds shall be used for new transportation construction projects pursuant to the formula under current law. The bill is effective July 1, 2008. The portion of the bill authorizing the Commonwealth Transportation Board to issue bonds is effective July 1, 2008, and only if approved at a statewide referendum on the question to be held November 5, 2007.   View Full Text »