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2002 Session

Budget Amendments - HB30 (Member Request)

Chief Patron: Governor Warner
Language to Implement Recordation Fee (language only)

Item 3-5.02 #1h

Item 3-5.02 #1h

Modifications and Adjustments to Taxes and Fees
Assess Recordation Fee

Language
Page 421, after line 14, insert:
§ 3-5.02 ASSESS RECORDATION FEE
In addition to the state recordation tax collected pursuant to § 58.1-801 A. of the Code of Virginia, there is hereby assessed a five dollar fee on every deed admitted to record on or after July 1, 2002.  Proceeds collected are to be deposited into the general fund of the state treasury and be used for terrorism preparedness and homeland security.”


Explanation
(This amendment assesses a fee, in addition to the state recordation tax collected pursuant to § 58.1-801 A. of the Code of Virginia, on each deed admitted to record on or after July 1, 2002. A companion amendment increases general fund revenue by $5.4 million each year.)