Chief Patron: Joannou
Increase Payments in Lieu of Taxes to Port Hosts

Item 463 #1h

Language
Page 323, line 45, strike "$3,107,625" and insert "$4,107,625".
Page 323, line 45, strike "$3,107,625" and insert "$4,107,625".
Page 323, line 52, at the beginning of the line, insert:
"A."
Page 324, after line 9, insert:
"B. Of the amounts in this Item, $2,057,625 the first year and $2,057,625 the second year from special funds is appropriated for payments in lieu of taxes to be paid to localities in which the  Virginia Port Authority owns tax-exempt real estate.  These funds shall be distributed to the localities on a pro rata basis in accordance with the formula set out in § 58.1-3403 D, Code of Virginia."

Explanation
(This amendment increases the amount of VPA nongeneral fund revenue that is returned to port host cities in lieu of taxes by $1.0 million each year to ensure the Port facilities address a larger portion of costs incurred by activities at these facilities and properly reflect the lost tax revenue. A companion amendment to Item 464 reduces the nongeneral port funds dedicated to administration of port activities by a like amount.)