Bill Text: VA SB105 | 2016 | Regular Session | Prefiled

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Bill Title: Virginia Housing Trust Fund; revenue deposits.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-02-03 - Continued to 2017 in Finance (12-Y 3-N) [SB105 Detail]

Download: Virginia-2016-SB105-Prefiled.html

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16100442D
SENATE BILL NO. 105 Offered January 13, 2016 Prefiled December 23, 2015 A BILL to amend the Code of Virginia by adding in Chapter 8 of Title 58.1 a section numbered 58.1-818, relating to Virginia Housing Trust Fund; revenue deposits. ---------- Patron-- Locke ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 8 of Title 58.1 a section numbered 58.1-818 as follows:

§58.1-818. Deposit of certain recordation tax revenues to the Virginia Housing Trust Fund.

No later than September 1 of each fiscal year immediately following a fiscal year in which the total revenue generated by the state taxes imposed pursuant to this chapter except §§58.1-802.2 and 58.1-817 that was deposited into the state treasury exceeded $325 million, there shall be transferred to the Virginia Housing Trust Fund established under §36-142 an amount equal to 20 percent of the excess revenue.