2006 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Wardrup
Dedication of Insurance Premiums to Transportation

Item 443 #20h

Item 443 #20h

First Year - FY2007 Second Year - FY2008
Transportation, Department of FY2007 $277,600,000 FY2008 $293,500,000 NGF

Page 377, line 24, strike "$1,972,525,260" and insert "$2,250,125,260".
Page 377, line 24, strike "$1,688,525,260" and insert "$1,982,025,260".
Page 378, after line 47, insert:
"E.  Included in the amounts for this item is an amount estimated at $277,600,000 in the first year and $293,500,000 in the second year in Commonwealth Transportation Funds attributable to the additional insurance license tax revenues dedicated to transportation pursuant to the provisions of House Bill 660, 2006 Session of the General Assembly.  These funds shall be deposited into the Commonwealth Transportation Investment Fund created pursuant to § 58.1-2512, Code of Virginia, and be allocated by the Commonwealth Transportation Board for transportation projects across the Commonwealth.  Distribution among the various transportation modes shall be in accordance with subdivision A 1 of § 58.1-638, Code of Virginia, and for amounts dedicated to highway construction, distribution shall be pursuant to § 33.1-23.1, Code of Virginia."

(This amendment appropriates an additional $277.6 million in the first year and $293.5 million in the second year to transportation construction projects across the Commonwealth pursuant to House Bill 660, 2006 Session of the General Assembly. That legislation dedicates all insurance license tax revenues to transportation. Funding is to be distributed among the transportation modes according to the existing Transportation Trust Fund allocation formula, and among the highway systems as currently set out in the Code of Virginia.)