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)

Progress

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

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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 062206440
01/11/2006Referred to Committee on Appropriations
01/23/2006Fiscal impact statement from DPB (HB1329)
02/15/2006Left in Appropriations