Recordation tax; dedicated for transportation. (HB2705)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
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. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/10/2007 | Committee |
01/10/2007 | Prefiled and ordered printed; offered 01/10/07 071935332 |
01/10/2007 | Referred to Committee on Appropriations |
01/31/2007 | Impact statement from DPB (HB2705) |