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2019 Session

Budget Amendments - HB1700 (Floor Approved)

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Department of Housing and Community Development

Item 105 #1h

Item 105 #1h

First Year - FY2019 Second Year - FY2020
Commerce and Trade
Department of Housing and Community Development FY2019 ($14,500,000) FY2020 ($4,500,000) GF

Language
Page 103, line 17, strike "$80,902,939" and insert "$66,402,939".
Page 103, line 17, strike "$72,673,655" and insert "$68,173,655".

Page 104, line 11, strike "$20,000,000" and insert "$5,500,000".

Page 104, line 12, strike "$10,000,000" and insert "$5,500,000".



Explanation

(This amendment removes funding proposed in House Bill 1700 as introduced for the Virginia Housing Trust Fund. The Committee budget funding levels were limited to the additional dollars available pursuant to the economic reforecast presented in December, identified programmatic savings, and revenues generated by legislation expanding the collection of sales tax attributable to internet sales. All revenues attributable to the Tax Cuts and Jobs Act (TCJA) are captured in the Taxpayer Relief Fund and the Revenue Reserve Fund in Item 475.10. This required removing approximately $1.2 billion in spending compared to House Bill 1700 as introduced.)