Revenue Stabilization Fund and Revenue Reserve Fund; required deposits. (HB1618)

Introduced By

Del. Joe McNamara (R-Roanoke)

Progress

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

Description

Revenue Stabilization Fund and Revenue Reserve Fund; required deposits. Requires deposit of any revenues that would be required to be deposited in the Revenue Stabilization Fund or Revenue Reserve Fund to be deposited in the Taxpayer Relief Fund, established by the bill, in certain circumstances. Such deposits shall be made if the combined balance in the Revenue Stabilization Fund or Revenue Reserve Fund exceeds 15 percent of the Commonwealth's average annual tax revenues derived from taxes on income and retail sales. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/07/2023Committee
01/07/2023Prefiled and ordered printed; offered 01/11/23 23101662D
01/07/2023Referred to Committee on Appropriations
01/13/2023Assigned App. sub: General Government and Capital Outlay
01/16/2023Impact statement from DPB (HB1618)
01/23/2023Subcommittee recommends laying on the table (8-Y 0-N)
02/07/2023Left in Appropriations