Tax/School Construction Compromise

Item 554 #9h

Language
Page 329, line 49, strike "$100,000,000" and insert "$190,893,758".
Page 329, line 49, strike "$160,000,000" and insert "$307,299,906".
Page 329, line 49, strike "Personal Property".
Page 329, line 49, after "Relief" insert "and School Construction Grants".
Page 329, strike lines 5, through 54 and insert:
"A.  Included in this item is $190,893,758 from the general fund in the first year and $307,299,906 from the general fund in the second year, to be used to implement a program or programs which provide for equitable tax reduction initiatives involving personal property taxes and the state share of sales taxes on food, and which provide support for a portion of the cost of local school construction, addition, renovation, infrastructure projects, or debt service payments related thereto, as may be adopted by the 1998 or subsequent sessions of the Virginia General Assembly.  From these amounts, at least sixteen (16) percent of the amounts transfered from the State Lottery Fund each year, as provided for in §3-1.01 of this act, shall be allocated to the program providing support for a portion of the cost of local school construction, addition, renovation, infrastructure projects, or debt service payments related thereto."
Page 330, strike lines 1 and 2.

Explanation
(This amendment is self-explanatory.)