HB166: Defense Facility and Transportation Improvement Program, and Fund; created.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding sections numbered 33.1-221.1:9 and 58.1-815.4 as follows:
§ 33.1-221.1:9. Virginia Defense Facility and Transportation Improvement Program.
In addition to any other funds allocated or allocable to highway construction districts, the Commonwealth Transportation Board shall allocate funds from the Defense Facility and Transportation Improvement Program Fund established as provided in § 58.1-815.4 to highway construction districts within which federal defense facilities or bases are affected as the result of actions of the Base Realignment and Closure Commission.
Such allocation shall be used to:
1. Expand transportation infrastructure in the vicinity of such federal defense facilities or bases;
2. Construct, reconstruct, or improve highways used as major commuter routes by persons employed or stationed at or near such federal defense facilities or bases;
3. Construct, reconstruct, expand, or improve commuter parking facilities in order to encourage car pooling and use of mass transit by persons employed or stationed at or near such federal defense facilities or bases; and
4. Expand or improve mass transit programs and facilities used or usable by persons employed or stationed at or near such federal defense facilities or bases.
The provisions of this section shall expire on July 1, 2011.
§ 58.1-815.4. Defense Facility and Transportation Improvement Program Fund.
There is hereby created in the Department of the Treasury a special nonreverting fund, which shall be a part of the Transportation Trust Fund and which shall be known as the Defense Facility and Transportation Improvement Program Fund, consisting of $250 million of annual collections of the state recordation taxes imposed by this chapter. This dedication shall not affect the local recordation taxes under subsection B of § 58.1-802 and § 58.1-814. The Fund shall also include such other funds as may be appropriated by the General Assembly from time to time, and designated for this Fund and all interest, dividends, and appreciation that may accrue thereto. Any moneys remaining in the Fund at the end of a biennium shall not revert to the General Fund, but shall remain in the Fund. Allocations from this Fund may be made by the Commonwealth Transportation Board as provided in § 33.1-221.1:9.
The provisions of this section shall expire on July 1, 2011.