2005 Session

Budget Amendments - HB1500 (Member Request)

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Chief Patron: Hugo
Dedication of Insurance Premiums to Transportation

Item 488 #10h

Item 488 #10h

First Year - FY2005 Second Year - FY2006
Transportation, Department of FY2005 $127,000,000 FY2006 $137,900,000 GF

Page 439, line 21, strike "$984,487,593" and insert "$1,111,487,593".
Page 439, line 21, strike "$1,191,939,894" and insert "$1,329,839,894".
Page 440, after line 12, insert:
"D. Notwithstanding any other provision of law, this appropriation includes and estimated $127,000,000 in the first year and $137,900,000 in the second year representing the revenues generated by the insurance license tax set out in § 58.1-2501 et seq, Code of Virginia.  These funds are to be deposited into the highway account of the Transportation Trust Fund and distributed based on the formulae set out in § 33.1-23.1 et seq, Code of Virginia."

(This amendment directs one-third of the revenues generated by the insurance premium license tax to transportation in both years which would be distributed through the existing formula -- 40 percent to the primary system, and 30 percent each to the secondary and urban systems. This would provide an additional $264.9 million to transportation over the biennium.)