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1999 Session

Budget Bill - HB1450 (Chapter 935)

Central Appropriations

Item 554

Item 554

First Year - FY1999Second Year - FY2000
Personal Property Tax Relief Program and Financial Assistance for Public School Facilities (74600)$219,924,775$329,838,357
Fund Sources:  
GeneralFY1999 $219,924,775FY2000 $329,838,357

Authority: Discretionary Inclusion.


A. Included in this Item is $210,724,775 from the general fund in the first year and $320,638,357 from the general fund in the second year to be used to implement a program which provides equitable tax relief from the personal property tax on vehicles, and a program which provides financial assistance for school construction, additions, renovations, including the costs of retrofitting or enlarging public school buildings, infrastructure and site acquisition for such public school buildings and facilities or debt service payments, or a portion thereof, pursuant to such legislation as may be adopted by the 1998 or subsequent Sessions of the General Assembly.


B. The appropriation provided above shall be allocated in amounts such that the program as may be adopted by the General Assembly to provide equitable tax relief from the personal property tax on vehicles shall not exceed $434,763,132 in the 1998-2000 biennium, excluding the cost of administration, and the program as may be adopted by the General Assembly to support school construction, renovation, and related purposes shall not exceed $110,000,000 in the 1998-2000 biennium.


C. In addition to the amounts specified in paragraph A, and in order to supplement the general fund appropriation provided, the Governor shall transfer an amount estimated at $9,200,000 $9,000,000 each year which represents unclaimed lottery prizes which are transferred from the Literary Fund to the general fund pursuant to § 3-1.01 of this act, to be used solely and exclusively to support a program of school construction, additions, renovations, including the costs of retrofitting or enlarging public school buildings, infrastructure and site acquisition for such public school buildings and facilities or debt service payments, or a portion thereof. Acceptable uses of the funds for infrastructure improvements shall include, but shall not be limited to, building and site utilities, school access roadways and drainage systems.


D. The funding provided above shall be used solely and exclusively for the purposes stated herein, notwithstanding any act of law to the contrary.


D1. Any funds provided to school divisions in the first year for school construction that are unexpended as of June 30, 1999, shall be carried on the books of the locality to be appropriated to the school division in the second year for use for the same purpose.


E. The general fund revenues available for appropriation listed in Enactment No. 2 of this act include the following tax reductions, contingent upon the enactment of legislation for that purpose by the 1998 Session of the General Assembly.


FY 1999

FY 2000

Higher Education Tuition Trust Fund Tax Credit

$2,480,579

$2,920,460

Recycling Credit

$500,000

$500,000

Retaliatory Tax Credit

$2,500,000

$2,500,000

$2,200,000

$2,400,000

Enterprise Zone Pool Size

$7,400,000

$10,200,000

$4,400,000

$6,300,000

Historic Rehabilitation Tax Credit

$500,000

$900,000

$1,900,000

$3,300,000

Interest Equalization

$0

$1,400,000

Corporate Income Apportionment Factor

$0

$7,200,000

Military Pay Exclusion

$0

$4,700,000

Total

$13,380,579

$17,020,460

$10,980,579

$28,220,460