2005 Session

Budget Amendments - HB1500 (Member Request)

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Chief Patron: Callahan
1/3 Insurance Premiums to Transportation

Item 488 #11h

Item 488 #11h

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 distributed to the Virginia Department of Transportation's construction districts on the basis of each district's share of the total state population as determined by the most recent estimate released by the Weldon Cooper Center."

(This amendment directs that one-third of the revenues generated by the insurance premium license tax to transportation in both years. This would provide an additional $264.9 million to transportation over the biennium.)