Bill Text: VA HB1047 | 2010 | Regular Session | Prefiled
Bill Title: Mass Transit Fund; increases percentage of Transportation Trust Fund revenues flowing therein.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2010-02-16 - House: Left in Appropriations [HB1047 Detail]
Download: Virginia-2010-HB1047-Prefiled.html
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10102365D Be it enacted by the General Assembly of Virginia: 1. That §§33.1-23.03:2 and 58.1-2425 of the Code of Virginia are amended and reenacted as follows: §33.1-23.03:2. Commonwealth Port Fund, Commonwealth Airport Fund and Commonwealth Mass Transit Fund. Of the funds becoming part of the Transportation Trust Fund
pursuant to subdivision 3 of §33.1-23.03:1, an aggregate of 4.2 percent shall
be set aside as the Commonwealth Port Fund; an aggregate of 2.4 percent shall
be set aside as the Commonwealth Airport Fund; and an aggregate of §58.1-2425. Disposition of revenues. A. Funds collected hereunder by the Commissioner shall be forthwith paid into the state treasury. Except as otherwise provided in this section, these funds shall constitute special funds within the Commonwealth Transportation Fund. Any balances remaining in these funds at the end of the year shall be available for use in subsequent years for the purposes set forth in this chapter, and any interest income on such funds shall accrue to these funds. The revenue so derived, after refunds have been deducted, is hereby allocated for the construction, reconstruction and maintenance of highways and the regulation of traffic thereon and for no other purpose. However, (i) all funds collected pursuant to the provisions of this chapter from manufactured homes, as defined in §46.2-100, shall be distributed to the city, town, or county wherein such manufactured home is to be situated as a dwelling; (ii) all funds collected from the additional tax imposed by subdivision A 4 of § 58.1-2402 on the rental of daily rental vehicles shall be distributed quarterly to the city, town, or county wherein such vehicle was delivered to the rentee; (iii) effective January 1, 1987, an amount equivalent to the net additional revenues generated by enactments of the 1986 Special Session of the Virginia General Assembly which amended §§46.2-694, 46.2-697, 58.1-2401, 58.1-2402 and this section shall be distributed to and paid into the Transportation Trust Fund, a special fund within the Commonwealth Transportation Fund, and are hereby appropriated to the Commonwealth Transportation Board for transportation needs; (iv) except as otherwise provided in clause (iii) of this sentence, all moneys collected from the tax on the gross proceeds from the rental in Virginia of any motor vehicle pursuant to subdivision A 3 of §58.1-2402 at the tax rate in effect on December 31, 1986, shall be paid by the Commissioner into the state treasury and shall be paid into the Rail Enhancement Fund established by §33.1-221.1:1.1; and (v) all additional revenues resulting from the fee imposed under subdivision A 5 of §58.1-2402 as enacted by the 2004 Session of the General Assembly shall be used to pay the debt service on the bonds issued by the Virginia Public Building Authority for the Statewide Agencies Radio System (STARS) for the Department of State Police pursuant to the authority granted by the 2004 Session of the General Assembly. B. As provided in subsection A of §58.1-638, of the funds
becoming part of the Transportation Trust Fund pursuant to clause (iii) of
subsection A of this section, an aggregate of 4.2 percent shall be set aside as
the Commonwealth Port Fund; an aggregate of 2.4 percent shall be set aside as
the Commonwealth Airport Fund; and an aggregate of |
