Transportation; additional funding by imposing and increasing certain taxes. (HB422)

Introduced By

Del. Vivian Watts (D-Annandale)

Progress

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

Description

Transportation funding and administration. Provides additional funding for transportation by (i) imposing a motor fuels sales tax rate of four percent, phased in over four years, for highway maintenance; (ii) increasing the state sales tax in Northern Virginia by 0.5 percent for transportation projects in Northern Virginia; and (iii) adding an additional recordation tax in Northern Virginia at a rate of $0.40 per $100 valuation. The motor fuels tax is not effective until the unemployment rate in the Commonwealth decreases for four consecutive quarters after July 1, 2011. The bill also reduces the sales and use tax rate on food for human consumption from 1.5 percent to one percent, and repeals the authority for certain localities to impose a local income tax. In addition, the bill removes the sunset date from the 2009 Act of Assembly that reduced the special real property tax rate on commercial property in the localities embraced by the Northern Virginia Transportation Authority from $0.25 per $100 of assessed value to $0.125 per $100 of assessed value. Finally, the bill increases the special real property tax rate on commercial property in localities in Hampton Roads from $0.10 per $100 of assessed value to $0.125 per $100 of assessed value. Amends § 15.2-4838.1, § 58.1-300, § 58.1-3221.3, § 58.1-520, § 58.1-604.1, § 58.1-608.3, § 58.1-611.1, § 58.1-614, § 58.1-811, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2012Committee
01/10/2012Prefiled and ordered printed; offered 01/11/12 12103112D
01/10/2012Referred to Committee on Finance
01/20/2012Assigned Finance sub: #2
01/31/2012Impact statement from DPB (HB422)
02/01/2012Subcommittee recommends laying on the table
02/14/2012Left in Finance