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SB 986 Fiscal impact statements.

Introduced by: Mark J. Peake | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Fiscal impact statements. Requires the Department of Planning and Budget (the Department) or an agency designated by the Department to prepare a fiscal impact statement for any bill and any amended version of a bill, except the Budget Bill and debt bills, that increases or decreases the total revenue available for appropriation or that establishes a new state program or initiative requiring an appropriation. The fiscal impact statement would include analysis of (i) the fiscal impact estimates, (ii) the impact on any state entity affected by the revenue increase or decrease or charged with administering the new program or initiative, (iii) the potential costs to citizens in terms of increased taxes, and (iv) any other information the Department or its designee deems appropriate. The bill also provides for each fiscal impact statement to be reviewed by the appropriate staff of the Senate Committee on Finance and

By |2020-01-16T19:22:05-05:00January 15th, 2020|Budget, Tier #1 SUPPORT|Comments Off on SB 986 Fiscal impact statements.

HB 86 Standards of Quality; local match for basic aid, debt service on projects in school divisions.

Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Required local effort for basic aid; debt service on projects in certain school divisions. Permits any local school board that governs a school division (i) in which the locality is designated as fiscally at-risk or fiscally distressed by the Appalachian Regional Commission in the most recent fiscal year or is determined to have above-average fiscal stress or high fiscal stress by the Virginia Commission on Local Government in its most recent "Report on the Comparative Revenue Capacity, Revenue Effort, and Fiscal Stress of Virginia Counties and Cities" and (ii) for which the composite index of local ability to pay is less than or equal to 0.2000 to expend up to 25 percent of the required local effort for basic aid for debt service

By |2019-12-28T10:22:04-05:00December 12th, 2019|Budget, Education, Local Gov't|Comments Off on HB 86 Standards of Quality; local match for basic aid, debt service on projects in school divisions.

HB 48 Income tax, state; rolling conformity with the federal Internal Revenue Code.

Introduced by: Joseph P. McNamara | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Income tax; rolling conformity with the federal Internal Revenue Code. Provides that Virginia conform with federal tax laws on a rolling basis, which means that Virginia tax laws incorporate changes to the Internal Revenue Code as soon as Congress enacts them. Under current law, Virginia conforms to federal tax laws as of December 31, 2018.

By |2019-11-25T14:42:39-05:00November 25th, 2019|Budget|Comments Off on HB 48 Income tax, state; rolling conformity with the federal Internal Revenue Code.