Item 510 | First Year - FY2003 | Second Year - FY2004 |
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Personal Property Tax Relief Program (74600)
a sum sufficient, estimated at | $819,244,356 | $966,738,254 |
| Fund Sources: | | |
| General | FY2003 $819,244,356 | FY2004 $966,738,254 |
Authority: Discretionary Inclusion.
A. Included in this Item is $819,244,356 from the general fund in the first year and $966,738,254 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.
B. Any unexpended balance remaining in this Item as of June 30, 2002, and June 30, 2003, shall be carried forward on the books of the Comptroller and shall be available for expenditure in the succeeding year. Any unexpended balance remaining in this Item on June 30, 2004, shall be carried forward on the books of the Comptroller and shall be available for expenditures in the next biennium.
C. Disbursement of this sum sufficient appropriation is upon the condition that the provisions for increasing the percentage level reimbursement specified in §§ 58.1-3524 (C) and 58.1-3536 (B) of the Code of Virginia are satisfied.