Transportation funding and administration for Hampton Roads. (SB6006)

Introduced By

Sen. Ken Stolle (R-Virginia Beach)

Progress

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

Description

Transportation funding and administration for Hampton Roads. Provides funds for transportation in Hampton Roads by capturing a portion of economic growth attributable to or facilitated by the public and private cargo marine terminals located in Hampton Roads. The bill would establish a ratio that measures certain state tax revenues on a per cargo container basis for containers handled in the ports. The revenue ratio would then be multiplied by the increase in cargo containers handled in the ports in the most recently ended fiscal year over the number of cargo containers handled in the ports in Fiscal Year 2009 (which would serve as the base year for the number of cargo containers handled). The product of the revenue ratio and the increase in cargo containers handled would then be multiplied by 30 percent with the resulting amount deposited into a special fund, the Hampton Roads Transportation Revenue Fund. Beginning July 1, 2010, deposits would be made to the Fund in each fiscal year in accordance with the formula described herein. The bill, however, provides that the amount deposited to the Fund would not exceed $250 million in any fiscal year. Deposits to the Fund in each year would be made in equal amounts on the 15th of September, December, March, and June. Five percent of the moneys deposited into the Fund in each year that relate to economic growth attributable to or facilitated by the ports would be distributed in equal shares to the Cities of Newport News, Norfolk, and Portsmouth to be used for local or regional projects relating to transportation. The bill provides that no more than $15 million in aggregate would be distributed to such cities in any fiscal year. The remaining moneys in the Fund would be used by the Commonwealth Transportation Board for certain projects delineated in the bill or included in the federally mandated 2030 Regional Transportation Plan approved by the Hampton Roads Metropolitan Planning Organization. The bill repeals the Hampton Roads Transportation Authority and repeals certain fees and taxes authorized pursuant to Chapter 896 of the Acts of Assembly of 2007 that are within the ambit of the Supreme Court of Virginia's decision on February 29, 2008, that they are unconstitutional. Some of the factors in the bill used to determine the growth in state tax revenues attributable to or facilitated by the ports are based in part upon a January 2008 study by The Mason School of Business Compete Center of the College of William & Mary. Read the Bill »

Status

06/23/2008: Awaiting a Vote in the Finance and Appropriations Committee

History

DateAction
06/23/2008Presented and ordered printed 082997328
06/23/2008Referred to Committee on Transportation