HB2705: Recordation tax; dedicated for transportation.

Chief Patron

Del. Tim Hugo (R-40)

Status

Bill is Dead

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Summary

Recordation tax; dedicated for transportation.  Dedicates state recordation tax revenues not already dedicated for transportation projects in each highway construction district throughout the Commonwealth on a pro rata basis pursuant to the amount of the recordation tax collected in the localities in each such district.  The bill also creates a transportation program for each highway construction district (similar to the Northern Virginia Transportation Program) as the means by which the revenues are distributed.  In addition, the revenues  may be used to issue bonds annually with a face value up to two-thirds of the amount of revenue estimated to be dedicated for each respective fiscal year, with the bond proceeds distributed to each transportation program on the same pro rata basis.  For all the transportation programs other than that for Northern Virginia and that for Hampton Roads, the Commonwealth Transportation Board shall determine the transportation projects to be funded. The transportation projects to be funded in Northern Virginia shall be as determined by the Northern Virginia Transportation Authority. The transportation projects to be funded in Hampton Roads shall be as determined by the Hampton Roads Metropolitan Planning Organization with the advice and consent of the members of the House Appropriations and Senate Finance Committees residing in Planning District 23. 

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