HB 1159

  • Virginia House Bill
  • 2024 Regular Session
  • Introduced in House Jan 10, 2024
  • House
  • Senate
  • Governor

Income tax, state; distribution of revenues to localities, funds for local school construction.

Abstract

Individual income tax; distribution of revenues;local school construction. Requires distribution of one percentof the individual income tax revenues collected from residents ofa locality to be distributed to that locality. The bill requiressuch funds to be used for school construction or renovation purposesand to be repaid to the state if used for any other purpose. Thebill provides that a locality shall be required to maintain its levelof expenditure for public school purposes as a condition of receivingthe income tax revenues; however, a locality may reduce its levelof expenditure to account for a loss of revenues resulting from areduction in machinery and tools taxes or license taxes.

Bill Sponsors (1)

Votes


Actions


Feb 13, 2024

House

Left in Finance

Feb 05, 2024

House

Subcommittee recommends incorporating (HB805-Rasoul)

Feb 03, 2024

House

Impact statement from TAX (HB1159)

Feb 02, 2024

House

Assigned Finance sub: Subcommittee #3

Jan 10, 2024

House

Prefiled and ordered printed; offered 01/10/24 24103242D

House

Referred to Committee on Finance

Bill Text

Bill Text Versions Format
Prefiled and ordered printed; offered 01/10/24 24103242D PDF HTML

Related Documents

Document Format
Fiscal Impact Statement: HB1159F161.PDF PDF

Sources

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