2019 Session

Budget Amendments - HB1700 (Member Request)

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Chief Patron: Thomas
Compensate Localites to Compensate for Tax Relief for Disabled Veterans

Item 264 #1h

Item 264 #1h

First Year - FY2019 Second Year - FY2020
Department of Accounts Transfer Payments FY2019 $0 FY2020 $2,000,000 GF

Page 268, line 4, strike "$600,395,000" and insert "$602,395,000".

Page 26, after line 22 insert:

"H. Out of this appropriation, $2,000,000 from the general fund in the second year is included to provide compensation to localities where more than one percent of the localities tax base is exempted pursuant to § 58.1-3219.6 which exempts disabled veterans from being assessed property tax. The Department of Tax, with the assistance of the Department of Accounts, shall develop a methodology for distributing the funds and shall report to the Chairmen of the House Appropriations and Senate Finance Committees by November 1, 2019 on the methodology used to distribute the funds."    


(This amendment provides $2.0 million from the general fund to reimburse localities where at least 1% of their real estate tax base is exempt from property tax due to the requirement to exempt the primary residence of disabled veterans from local property taxes.)