2020 Session

Budget Amendments - HB29 (Member Request)

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Chief Patron: Poindexter
Taxpayer Relief Fund Balances to the Revenue Reserve Fund (language only)

Item 3-5.21 #2h

Item 3-5.21 #2h

Adjustments and Modifications to Tax Collections
Taxpayer Relief Fund


Page 252, after line 44, insert:

"D.  Notwithstanding the provisions of the 5th enactment of Chapters 17 and 18, 2019 Acts of Assembly, any amounts deposited to the Taxpayer Relief Fund not required for the provision of taxpayer relief pursuant to the provisions of the 4th enactment of Chapters 17 and 18, 2019 Acts of Assembly, shall be transferred to the Revenue Reserve Fund established pursuant to § 2.2-1831.2, Code of Virginia and set out in Item 266 of this act."


(This amendment transfers the balances in the Taxpayer Relief Fund from fiscal year 2019 to the Revenue Reserve Fund. After tax relief refund checks were provided to eligible taxpayers, and estimated balance of $23.0 million is available. This amendment would deposit those amounts into the Revenue Reserve Fund instead of having them flow to the general fund as proposed in House Bill 29 as introduced.)