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2010 Session

Budget Amendments - HB30 (Committee Approved)

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Definition of GF for Personal Property Tax Relief (language only)

Item 4-2.02 #1h

Item 4-2.02 #1h

Revenues
General Fund Revenue

Language
Page 392, after line 37, insert:
"b.  DEFINITION OF GENERAL FUND REVENUE FOR PERSONAL PROPERTY RELIEF ACT
Notwithstanding any contrary provision of law, for purposes of subsection C of § 58.1-3524 and subsection B of § 58.1-3536, Code of Virginia, the term general fund revenues, excluding transfers, is defined as (i) all state taxes, including penalties and interest, required and/or authorized to be collected and paid into the general fund of the state treasury pursuant to Title 58.1, Code of Virginia; (ii) permits, fees, licenses, fines, forfeitures, charges for services, and revenue from the use of money and property required and/or authorized to be paid into the general fund of the treasury; and (iii) amounts required to be deposited to the general fund of the state treasury pursuant to § 4-2.02 a.1., of this act.  However, in no case shall (i) lump-sum payments, (ii) one-time payments not generated from the normal operation of state government, or (iii) proceeds from the sale of state property or assets be included in the general fund revenue calculations for purposes of subsection C of § 58.1-3524 and subsection B of §
58.1-353, Code of Virginia."
Page 392, line 38, strike "b." and insert "c."


Explanation
(This amendment restores language stricken from House Bill 30, as introduced, governing the types of revenue to be included in general fund revenue calculations for the purposes of personal property tax relief.)