2017 Session

Budget Amendments - SB900 (Member Request)

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Chief Patron: Lucas
Supplement for Virginia Int. Gateway Personal Property Tax

Item 464 #1s

Item 464 #1s

First Year - FY2017 Second Year - FY2018
Virginia Port Authority FY2017 $0 FY2018 $1,700,000 GF

Page 451, line 31, strike "$3,487,625" and insert "$5,187,625".

Page 452, following line 1, insert:

"C. Included in the amounts for Payments in Lieu of Taxes is $1,700,000 from the general fund in the second year for the first of three annual payments to the City of Portsmouth concluding not later than June 30, 2020 to offset any local personal property tax revenue losses incurred as the result of the conversion of the Virginia International Gateway to a publicly owned facility.".


(This amendment directs $1.7 million GF in the second year, as the first part of a three year payment, to the City of Portsmouth for Personal Property Tax losses resulting from the Virginia International Gateway lease.)