2007 Session

Budget Bill - HB1650 (Chapter 847)

Department of Taxation

Item 269

Item 269

First Year - FY2007Second Year - FY2008
Administrative and Support Services (79900)$36,016,917
General Management and Direction (79901)FY2007 $9,917,737
FY2008 $9,930,401
Information Technology Services (79902)FY2007 $26,099,180FY2008 $26,099,180
Fund Sources:  
GeneralFY2007 $35,949,692
FY2008 $35,962,356
SpecialFY2007 $67,225FY2008 $67,225

Authority: §§ 58.1-200, 58.1-202, and 58.1-213, Code of Virginia.

A. To defray the costs of administration for voluntary contributions made on individual income tax returns for taxable years beginning on or after January 1, 2003, the Department of Taxation may retain up to five percent of the contributions made to each organization, not to exceed a total of $50,000 from all organizations in any taxable year.

B. The Department is hereby authorized to request and receive a treasury loan to fund the necessary start-up costs associated with the implementation of a local income tax and/or sales and use tax modification. The Department shall not incur such costs unless a locality(ies) takes action to put the tax options on a referendum. The treasury loan shall be repaid for these costs from the local income tax and/or sales and use tax revenues.