VA HB1159 | 2024 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 10 2024 - 25% progression, died in committee
Action: 2024-02-13 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 10 2024 - 25% progression, died in committee
Action: 2024-02-13 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Summary
Individual income tax; distribution of revenues; local school construction. Requires distribution of one percent of the individual income tax revenues collected from residents of a locality to be distributed to that locality. The bill requires such funds to be used for school construction or renovation purposes and to be repaid to the state if used for any other purpose. The bill provides that a locality shall be required to maintain its level of expenditure for public school purposes as a condition of receiving the income tax revenues; however, a locality may reduce its level of expenditure to account for a loss of revenues resulting from a reduction in machinery and tools taxes or license taxes.
Title
Income tax, state; distribution of revenues to localities, funds for local school construction.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2024-02-13 | House | Left in Finance |
2024-02-05 | House | Subcommittee recommends incorporating (HB805-Rasoul) by voice vote |
2024-02-02 | House | Assigned Finance sub: Subcommittee #3 |
2024-01-10 | House | Referred to Committee on Finance |
2024-01-10 | House | Prefiled and ordered printed; offered 01/10/24 24103242D |