Revenue reserves; deposits, withdrawals, and budgetary amendments. (SB1521)

Introduced By

Sen. George Barker (D-Alexandria)

Progress

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

Description

Revenue reserves and budgetary amendments. Increases the maximum combined amount in the Revenue Stabilization Fund and the Revenue Reserve Fund from 15 percent to 20 percent of the Commonwealth's average annual tax revenues derived from taxes on income and retail sales for the preceding three years. The bill also increases from five percent to eight percent the estimated amount of general fund revenues that exceed the actual general fund revenues for the immediately preceding fiscal year to trigger additional deposits to the Revenue Stabilization Fund that shall be included in the Governor's budget recommendations. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/20/2023Presented and ordered printed 23102481D
01/20/2023Referred to Committee on Finance and Appropriations
01/25/2023Impact statement from DPB (SB1521)
01/31/2023Senate committee, floor amendments and substitutes offered
01/31/2023Reported from Finance and Appropriations with substitute (15-Y 0-N) (see vote tally)
01/31/2023Committee substitute printed 23105268D-S1
02/01/2023Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/02/2023Impact statement from DPB (SB1521S1)
02/02/2023Read second time
02/02/2023Reading of substitute waived
02/02/2023Committee substitute agreed to 23105268D-S1
02/02/2023Engrossed by Senate - committee substitute SB1521S1
02/02/2023Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/02/2023Passed Senate (40-Y 0-N) (see vote tally)
02/11/2023Assigned App. sub: General Government and Capital Outlay
02/13/2023Placed on Calendar
02/13/2023Read first time
02/13/2023Referred to Committee on Appropriations
02/13/2023Assigned App. sub: General Government and Capital Outlay
02/13/2023Reported from Appropriations with substitute (21-Y 0-N) (see vote tally)
02/13/2023Committee substitute printed 23106648D-H1
02/14/2023Impact statement from DPB (SB1521H1)
02/15/2023Read second time
02/16/2023Read third time
02/16/2023Committee substitute agreed to 23106648D-H1
02/16/2023Engrossed by House - committee substitute SB1521H1
02/16/2023Passed House with substitute BLOCK VOTE (99-Y 0-N)
02/16/2023VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/20/2023House substitute rejected by Senate (0-Y 40-N) (see vote tally)
02/21/2023House insisted on substitute
02/21/2023House requested conference committee
02/22/2023Senate acceded to request (40-Y 0-N) (see vote tally)
02/22/2023Conferees appointed by Senate
02/22/2023Senators: Barker, Locke, Norment
02/23/2023Conferees appointed by House
02/23/2023Delegates: Knight, Austin, Torian
02/25/2023No further action taken
02/25/2023Failed to pass in Senate