Revenue Stabilization Fund; establishes a mechanism to provide tax relief to taxpayers. (HB594)

Introduced By

Del. Jimmie Massie (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 must equal at least $50 million and 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 low- and middle-income taxpayers throughout the Commonwealth. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2010Committee
01/12/2010Prefiled and ordered printed; offered 01/13/10 10100689D
01/12/2010Referred to Committee on Appropriations
01/19/2010Assigned App. sub: Technology Oversight and Government Activities
02/02/2010Subcommittee recommends laying on the table
02/16/2010Left in Appropriations