Bill Text: VA HB218 | 2016 | Regular Session | Prefiled
Bill Title: Income tax, state, tax credit; return of budget surplus.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-02-17 - Left in Finance [HB218 Detail]
Download: Virginia-2016-HB218-Prefiled.html
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16102295D Be it enacted by the General Assembly of Virginia: 1. That §2.2-1514, as it is currently effective and as it may become effective, of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.13 as follows: §2.2-1514. (Contingent expiration date) Assignment of general fund for nonrecurring expenditures. A. As used in this section: "The Budget Bill" means the "The Budget Bill" submitted pursuant to §2.2-1509, including any amendments to a general appropriation act pursuant to such section. "Nonrecurring expenditures" means the acquisition or construction of capital outlay projects as defined in §2.2-1518, the acquisition or construction of capital improvements, the acquisition of land, the acquisition of equipment, or other expenditures of a one-time nature as specified in the general appropriation act. B. At the end of each fiscal year, the Comptroller shall
assign within his annual report pursuant to §2.2-813 as follows: (i) 67 percent of the remaining
amount of the general fund balance that is not otherwise restricted, committed,
or assigned by the general appropriation act
for other usage within the general fund shall be assigned by the Comptroller
for deposit into the Transportation Trust Fund established pursuant to §
33.2-1524 or a subfund thereof, and (ii) on or after
June 30, 2016, if the remaining 33 percent is (a) at least equal
to $50 million, such remaining amount shall not be assigned but shall be held in
reserve for appropriation by the General Assembly or (b) less than $50 million,
the remaining amount shall be assigned for nonrecurring expenditures. No such
assignment shall be made unless the full amounts required for other
restrictions, commitments, or assignments including but not limited to C. The Governor shall include in "The Budget Bill" pursuant to §2.2-1509 recommended appropriations from the general fund or recommended amendments to general fund appropriations in the general appropriation act in effect at that time an amount for deposit into the Transportation Trust Fund or a subfund thereof, and an amount for nonrecurring expenditures equal to the amounts assigned by the Comptroller for such purposes pursuant to the provisions of subsection B. Such deposit to the Transportation Trust Fund or a subfund thereof shall not preclude the appropriation of additional amounts from the general fund for transportation purposes. §2.2-1514. (Contingent effective date) Assignment of general fund for nonrecurring expenditures. A. As used in this section: "The Budget Bill" means the "The Budget Bill" submitted pursuant to §2.2-1509, including any amendments to a general appropriation act pursuant to such section. "Nonrecurring expenditures" means the acquisition or construction of capital outlay projects as defined in §2.2-1518, the acquisition or construction of capital improvements, the acquisition of land, the acquisition of equipment, or other expenditures of a one-time nature as specified in the general appropriation act. B. At the end of each fiscal year, the Comptroller shall
assign within his annual report pursuant to §2.2-813 as follows: (i) 67 percent of the remaining
amount of the general fund balance that is not otherwise restricted, committed,
or assigned by the general appropriation act
for other usage within the general fund shall be assigned by the Comptroller
for deposit into the Transportation Trust Fund established pursuant to §
33.2-1524 or a subfund thereof, and (ii) on or after
June 30, 2016, if the remaining 33 percent is (a) at least equal
to $50 million, such remaining amount shall not be assigned but shall be held
in reserve for appropriation by the General Assembly or (b) less than $50
million, the remaining amount shall be assigned for
nonrecurring expenditures. No such assignment shall be made unless the full
amounts required for other restrictions, commitments, or assignments including
but not limited to C. The Governor shall include in "The Budget Bill" pursuant to §2.2-1509 recommended appropriations from the general fund or recommended amendments to general fund appropriations in the general appropriation act in effect at that time an amount for deposit into the Transportation Trust Fund or a subfund thereof, and an amount for nonrecurring expenditures equal to the amount assigned by the Comptroller for such purpose pursuant to the provisions of subsection B. Such deposit to the Transportation Trust Fund or a subfund thereof shall not preclude the appropriation of additional amounts from the general fund for transportation purposes. §58.1-339.13. Revenue surplus tax credit. A. For taxable years beginning on or after January 1, 2017, there shall be allowed a refundable income tax credit against the tax levied pursuant to §58.1-320 in an amount that is equal to the quotient obtained by dividing (i) the amount held in reserve for appropriation in the calendar year prior to the taxable year pursuant to clause (ii) of subsection B of §2.2-1514 by (ii) the total number of Virginia individual income tax returns filed for the immediately preceding taxable year as estimated by the Tax Commissioner. For purposes of such computation, whenever married individuals file separate Virginia income tax returns, one return shall be deemed to have been filed. The credit may be claimed only by those individuals who were required under Virginia law to file an individual income tax return and filed such return for the immediately preceding taxable year. B. For married individuals filing separate Virginia income tax returns, the credit claimed in aggregate by such individuals shall equal the amount of the refundable income tax credit. C. The Tax Commissioner shall compute the amount of the refundable income tax credit rounded to the nearest whole dollar no later than August 31 of the calendar year. The Tax Commissioner shall as soon as practicable provide to the General Assembly and the Governor a written certification reporting the amount of the refundable income tax credit. |
