Revenues and appropriations of State; changes specifically relating to transportation funding. (SB1340)

Introduced By

Sen. Dick Saslaw (D-Springfield) with support from co-patron Sen. Janet Howell (D-Reston)

Progress

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

Description

Revenues and appropriations of the Commonwealth. Makes several changes to the revenues and appropriations of the Commonwealth, specifically relating to transportation funding, as follows:

The bill raises the state sales and use tax rate from four percent to five percent. Of these new revenues, an amount equal to a one-half percent sales and use tax will be deposited in the Transportation Trust Fund, and the percentage of the Transportation Trust Fund sales and use tax revenues dedicated to mass transit will be raised to 25%. Of the other one-half percent of the new one percent sales and use tax, two-thirds will be distributed to localities to use for education, and one-third will be used to fund higher education in the Commonwealth.

In fiscal years 2014, 2015, 2016, and 2017, $80 million dollars each year that would otherwise be distributed to the Transportation Trust Fund will be designated to the Phase 2 Dulles Corridor Metrorail Extension Project, subject to certain conditions.

The bill raises the cents-per-gallon rate of the tax on motor fuels by 5 cents on July 1, 2013 and July 1, 2014, and then begins indexing the cents-per-gallon rate on July 1, 2015.

The bill makes additional technical changes.

Amends § 58.1-2217, § 58.1-2249, § 58.1-2289, § 58.1-2701, § 58.1-2706, § 58.1-603, § 58.1-604, § 58.1-604.1, § 58.1-608.3, § 58.1-614, § 58.1-638, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/18/2013Presented and ordered printed 13103806D
01/18/2013Referred to Committee on Finance
01/23/2013Impact statement from DPB (SB1340)
02/06/2013Left in Finance