2021 Special Session I

Budget Bill - HB1800 (Chapter 552)

State Corporation Commission

Item 486

Item 486

First Year - FY2021Second Year - FY2022
Administrative and Support Services (59900)$0$0

Authority: Title 12.1, Code of Virginia; Article IV, Section 14 and Article IX, Constitution of Virginia.

A. Operational costs for this program shall be paid solely from charges to agency programs.

B. Out of the amounts for this Item, shall be paid the annual salary of the chairman, $186,961 from July 1, 2020 to June 30, 2022, and for the other two Commissioners of the State Corporation Commission, each at $184,913 from July 1, 2020 to June 30, 2022.

C. Notwithstanding the provisions of § 13.1-775.1, Code of Virginia, the State Corporation Commission shall continue the following annual registration fees for domestic and foreign corporations. The new annual rates shall be $100 for every foreign and domestic corporation authorized to do business in the Commonwealth whose number of authorized shares is 5,000 shares or less. Any such corporation whose number of authorized shares is more than 5,000 shall pay an annual registration fee of $100 plus $30 for each 5,000 shares or fraction thereof in excess of 5,000 up to a maximum of $1,700. The commission shall deposit these funds into a special fund and transfer three-fourths of the receipts to the general fund semiannually.

D. The Acts of Assembly Chapter 734 and Chapter 636 of 2019 shall not become effective until July 1, 2021.