2020 Session

Budget Amendments - HB29 (Floor Request)

Floor Action: Passed By

View Budget Item
View Budget Item amendments

Chief Patron: Gilbert
Surplus to Taxpayer Relief Fund (language only)

Item 3-5.21 #1h

Item 3-5.21 #1h

Adjustments and Modifications to Tax Collections
Taxpayer Relief Fund


Page 252, after line 44, insert:

"D. Notwithstanding any other provision of law, the Comptroller shall transfer any unencumbered year-end general fund revenues in excess of the official forecast for fiscal year 2020 and not otherwise required to satisfy the mandatory deposit requirement of Article X, Section 8 of the Constitution of Virginia to the Revenue Stabilization Fund to the Taxpayer Relief Fund established pursuant to the fourth enactment of Chapters 17 and 18, 2019 Acts of Assembly.  Such amounts shall not revert to the general fund but shall be utilized by the 2021 General Assembly to provide additional tax relief to Virginia's taxpaying citizens."


(This amendment stipulates that any amounts above the official revenue forecast for fiscal year 2020 not required for deposit into the Revenue Stabilization Fund be deposited into the Taxpayer Relief Fund established by the 2019 General Assembly.)