Use of Revenues (language only)

Item 3-5.09 #1h

Language
Page 491, after line 28, insert:
"D.  If legislation proposed by the 2013 Session of the General Assembly implementing the provisions of paragraphs A of this item is not adopted by the 2013 General Assembly, the revenues generated by a 0.05 percent portion of the sales and use tax pursuant to § 58.1-638, Code of Virginia, shall not be paid to the Highway Maintenance and Operating Fund as outlined by paragraph A of this item, but shall instead be deposited by the State Comptroller in the Revenue Stabilization Fund as an advance payment of any required deposit to the Revenue Stabilization Fund attributable to actual tax collections for fiscal year 2013 or fiscal year 2014, as determined by the Auditor of Public Accounts, in the 2014-2016 biennium.  This amount would be in excess of the minimum deposit for fiscal year 2014 as certified by the Auditor of Public Accounts on November 1, 2012 and also would be in addition to such deposits set out in Item 266 D.1. of this act."

Explanation
(This amendment stipulates that if legislation is not adopted by the 2013 Session of the General Assembly depositing an additional 0.05 percent of the general sales and use tax to the Highway Maintenance and Operating Fund, such amount, estimated at $49.0 million would instead by utilized as an advance deposit to the Revenue Stabilization Fund.)