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2018 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Landes
Dedicate Full Recordation Fee to Ag BMPs (language only)

Item 3-6.01 #1h

Item 3-6.01 #1h
Adjustments and Modifications to Fees
Recordation Tax Fee

Language

Page 469, line 18, after "Virginia." strike:

"The revenue generated from fifty percent of such fee shall be deposited to the general fund."

Page 469, line 19, strike "the other fifty percent of".

Explanation

(This amendment directs 100 percent of the revenues generated from the $20.00 fee on the recordation of all deeds to the Natural Resources Commitment Fund (NRCF) for agricultural best management practices. Currently 50 percent of such funds are dedicated to the NRCF and 50 percent are retained by the general fund. This would generate an estimated $10.0 million additional each year to support the agricultural best management practices cost share program and appropriate technical assistance and provide a more stable source of revenue for these activities. A companion amendment to Item 362 distributes the additional funding.)

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