2016 Session

Budget Amendments - HB29 (Conference Report)

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Revise Sales Tax Transfer for Education (language only)

Item 3-5.03 #1c

Item 3-5.03 #1c

Adjustments and Modifications to Tax Collections
Implementation of Chapter 3, Acts of Assembly of 2004, Special Session I


Page 222, line 24, strike "$370,000,000" and insert "$366,700,000".


(This amendment updates the estimated amount to be transferred to the general fund from the Public Education Standards of Quality/Local Real Estate Property Tax Relief Fund. These funds are derived from the 0.375 cent increase in the state sales and use tax levied pursuant to § 58.1-638, Code of Virginia, and are used to meet the Commonwealth's responsibilities for the Standards of Quality prescribed pursuant to Article VIII, Section 2, of the Constitution of Virginia. The revised estimate is based on the Department of Taxation's Midsession 2016 Standard Forecast.)