Virginia Regional Industrial Facilities Act; revenue sharing, composite index. (HB1838)

Introduced By

Del. Danny Marshall (R-Danville)

Progress

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

Description

Virginia Regional Industrial Facilities Act; revenue sharing; composite index. Requires the Department of Taxation's calculation of true values as applied to the Commonwealth's composite index of local ability-to-pay to take into account an arrangement by localities entered into pursuant to the Virginia Regional Industrial Facilities Act whereby a portion of tax revenue is initially paid to one locality and redistributed to another locality. The bill requires such calculation to properly apportion the percentage of tax revenue ultimately received by each locality. The bill has a delayed effective date of July 1, 2021. Amends § 15.2-6407, of the Code of Virginia. Read the Bill »

Status

01/14/2019: Awaiting a Vote in the Counties, Cities and Towns Committee

History

DateAction
01/02/2019Committee
01/02/2019Prefiled and ordered printed; offered 01/09/19 19101266D
01/02/2019Referred to Committee on Counties, Cities and Towns
01/13/2019Impact statement from TAX (HB1838)
01/14/2019Assigned CC & T sub: Subcommittee #2

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