2017 Session

Budget Amendments - HB1500 (Committee Approved)

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Utilized Any Excess Tax Amnesty Collections to Establish Cash Reserves (language only)

Item 3-5.17 #1h

Item 3-5.17 #1h

Adjustments and Modifications to Tax Collections
Virginia Tax Amnesty Program


Page 532, after line 13, insert:

"G.1. If collections generated by the Virginia Tax Amnesty Program authorized by this item and by House Bill 2246 of the 2017 Session General Assembly exceed the revenue estimate of such program included within the official fiscal year 2018 revenue estimate contained in the first enactment of House Bill 1500 of the 2017 Session of the General Assembly, such amounts shall be utilized for the purposes of establishing a cash reserve to mitigate any potential revenue shortfalls that may arise during the remainder of the biennium.

2. To determine the amounts that are to be deposited into such reserve, the comptroller shall first determine the tax amnesty program revenues that were collected in excess of the revenues forecast from such program in this act.

3. The comptroller shall then reflect the excess revenues as a commitment on the preliminary balance sheet entitled Revenue Cash Reserve to be held solely for the purposes of mitigating any loss of general fund revenues in fiscal year 2018 from the official forecast contained in this act.

4. The comptroller may draw against the balances of the Revenue Cash Reserve for an amount equal to any shortfall in general fund revenue collections from the official forecast contained in this act for fiscal year 2018."


(This amendment specifies that if collections from the Tax Amnesty Program authorized by the 2017 General Assembly exceed the estimates embedded in House Bill 1500 as introduced, any excess collections are to be deposited into a cash reserve to be utilized to address any general fund revenue collection shortfall.)