2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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Maintain 70% Car Tax Reimbursement

Item 459 #1h

Item 459 #1h

First Year - FY2007 Second Year - FY2008
Central Appropriations
Central Appropriations FY2007 $0 FY2008 $50,000,000 GF

Page 392, line 19, strike "$950,000,000" and insert "$1,000,000,000".
Page 392, line 24, after "A.1.", strike "Included" and insert:
"Notwithstanding the provisions of Title 58.1, Chapter 35.1, Code of Virginia, included".
Page 392, line 25, strike "$950,000,000" and insert "$1,000,000,000".
Page 392, line 33, after "I.", insert:
"The local reimbursement level for tax year 2007 is set at $1.0 billion."

(This amendment provides an additional $50.0 million in the second year to maintain funding for car tax relief at 70 percent reimbursement. The program is currently capped at $950 million each year, which represents about a 70 percent average reimbursement on a statewide basis in the first year, but falls below that in the second year of the biennium.)