Bill Text: VA HB948 | 2018 | Regular Session | Prefiled
Bill Title: Virginia Housing Trust Fund; revenue deposits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-02-13 - Left in Finance [HB948 Detail]
Download: Virginia-2018-HB948-Prefiled.html
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.