Transportation needs; provides several mechanisms for funding, report. (SB708)

Introduced By

Sen. Charles Hawkins (R-Chatham)

Description

Funding of transportation in the Commonwealth. Provides several mechanisms for funding transportation in the Commonwealth. The bill would provide that all moneys credited to specified transportation-related funds shall be solely used for the purposes set forth therein relating to the funding and maintenance of highways (including access roads and bikeways adjacent thereto), public transportation, congestion mitigation, railways, seaports, and airports; making payments on bonds and obligations related to funding transportation projects; or making loans to finance transportation projects. The bill would raise new revenues for transportation by (i) imposing an additional $200 fee upon certain convictions relating to violations of Virginia's driving laws; (ii) imposing annually additional fees on any driver with a driver's record having a balance of 8 or more demerit points; (iii) increasing motor vehicle registration fees by $10 for all vehicles and doubling the gross weight registration fee for vehicles weighing more than 10,000 pounds; (iv) increasing current liquidated damages for violations of any weight limit imposed under law or for violations of any weight limit included in a permit that has been issued; (v) imposing additional liquidated damages of $20 for every violation of any weight limit imposed under law or any weight limit included in a permit that has been issued; (vi) increasing the state grantor's tax to 30 cents for each $100 of value with the revenues from the increase in the tax distributed to the respective locality and required to be used for local or regional transportation projects; (vii) authorizing local governments to impose a local grantor's tax at the rate of 10 cents for each $100 of value with the revenues to be used for local or regional transportation projects; (viii) increasing the motor fuels tax on diesel fuel to 17.5 cents per gallon (the current rate of the motor fuels tax on gasoline and gasohol); (ix) imposing a 5% tax on motor fuels that would be based on the statewide average retail price of a gallon of self-serve unleaded regular gasoline over rolling six-month periods and that would be imposed at a cents per gallon rate; and (x) increasing the motor vehicle sales and use tax from 3% to 3.75%, phased-in over fiscal years 2007, 2008, and 2009. The bill would also dedicate for transportation purposes all insurance license tax revenues relating to automobile insurance policies. The bill would allow individuals to apply for a refund of any motor fuels tax paid in excess of 17.5 cents per gallon. Individuals would apply for a refund when the cumulative amount of the refund would exceed $5. Read the Bill »

Outcome

History