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2017 Session

Budget Amendments - HB1500 (Member Request)

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Chief Patron: Lingamfelter
Direct Recordation Filing Fee to NRCF

Item 3-6.01 #1h

Item 3-6.01 #1h

 First Year - FY2017 Second Year - FY2018
Adjustments and Modifications to Fees
Recordation Tax Fee FY2017 $0 FY2018 ($10,000,000) GF
FY2017 $0 FY2018 $10,000,000 NGF

Language

Page 532, line 26, after "general fund" insert:

"in the first year".

Page 532, line 28, after "Code of Virginia" insert:

"in the first year".

Page 532, line 29, after "Code of Virginia." insert:

"The revenue generated from such fee shall be deposited to the Virginia Natural Resources Commitment Fund, a subfund of the Water Quality Improvement Fund, as established in § 10.1-2128.1, Code of Virginia, in the second year.  The funds deposited to this subfund shall be disbursed for the agricultural best management practices cost share program, pursuant to the provisions of § 10.1-21218.1, Code of Virginia."

Explanation

(This amendment is intended to provide additional funding in the second year for agriculture best management practices by increasing the share the recordation tax filing fee dedicated to the Natural Resources Commitment Fund, resulting in an offsetting loss to the general fund. Currently $10.00 of the $20.00 fee goes to the NRCF and the remainder to the general fund. This would provide an additional $10.0 million for the NRCF and a loss of $10.0 million to the general fund.)

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