2005 Session

Budget Amendments - SB700 (Conference Report)

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Payment of TTF Share of AST (language only)

Item 3-5.05 #1c

Item 3-5.05 #1c

Adjustments and Modifications to Tax Collections
Implementation of Chapter 3, Acts of Assembly of 2004, Special Session I

Page 559, strike lines 40 through 46 and insert:
"C.  The date of July 1, 2004, in Enactment No. 8 of Chapter 1042 of the 2003 Acts of Assembly is hereby changed to July 1, 2006, to clarify the Governor's authority under Enactment No. 5 of Chapter 1042, as follows:  That the State Comptroller shall make the distributions of the collections in accordance with § 58.1-638 unless the Governor makes a formal determination, no later than August 31 each year, that insufficient funds are available to make such a distribution.  The Governor will report such determination to the Chairmen of the House Appropriations, House Finance and Senate Finance Committees in August of each year."

(This amendment clarifies that the Governor shall transfer to the Transportation Trust Fund the amount of accelerated sales tax collections generated by the one-half cent share of the general sales and use tax dedicated to the Transportation Trust Fund pursuant to § 58.1-638 no later than August 31, 2005.)