Bill Text: VA HB2389 | 2019 | Regular Session | Prefiled


Bill Title: Virginia Housing Trust Fund; revenue deposits from recordation tax.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-02-05 - Left in Finance [HB2389 Detail]

Download: Virginia-2019-HB2389-Prefiled.html
19102529D
HOUSE BILL NO. 2389
Offered January 9, 2019
Prefiled January 8, 2019
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; recordation tax.
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Patron-- Lopez
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Committee Referral Pending
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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 those imposed pursuant to §§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.

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