Chief Patron: Rhodes
Car Tax Phase-In

Item 546 #1h

Language
Page 474, line 17, strike "$572,392,514" and insert "$524,692,514".
Page 474, line 17, strike "$855,404,025" and insert "$529,404,025".
Page 474, line 17, strike "
a sum sufficient, estimated at
".
Page 474, line 18, strike "$572,392,514" and insert "$524,692,514".
Page 474, line 19, strike "$855,404,025" and insert "$529,404,025".
Page 474, strike lines 26 through 43, and insert:
"2.  The provisions of Chapter 35.1, Title 58.1, of the Code of Virginia shall govern this item except as follows:  (i) for any tax year beginning in calendar year 2001 the amount of the payments to treasurers shall be 47.5 percent of the reimbursable amount for each qualifying vehicle; (ii) for any tax year beginning in calendar year 2002, the amount of the payments to treasurers shall be 47.5 percent of the reimbursable amount for each qualifying vehicle; (iii) for any tax year beginning in 2003, the amount of the payments to treasurers shall be 70 percent of the reimbursable amount for each qualifying vehicle; and (iv) for any tax year beginning in 2004 and tax years thereafter, the amount of the payments to treasurers shall be 100 percent of the reimbursable amount for each qualifying vehicle.  However, the percentage level for each qualifying vehicle to be paid by the Commonwealth for a tax year shall not be increased at the beginning of any calendar year above the percentage level paid by the Commonwealth in the preceding tax year if any of the events set forth in subdivisions C.1., C.2., or C.3. of § 58.1-3524 of the Code of Virginia occur.  If any such events occur, then the percentage level to be used in the following tax year shall remain the same, and shall not be increased for any tax year thereafter unless none of the events described in subdivisions C.1., C.2., or C.3. of § 58.1-3524 of the Code of Virginia have occurred, in which event the amount to be paid by the Commonwealth for the immediately following tax year shall be equal to the next highest percentage amount as set forth above."
Page 474, strike lines 52 and 53.
Page 475, strike lines 1 through 3.

Explanation
(This amendment is self-explanatory.)