Source: https://budget.lis.virginia.gov/amendment/2014/1/HB30/Introduced/MR/3-1.01/3h/
Timestamp: 2020-05-25 15:35:48
Document Index: 370531106

Matched Legal Cases: ['§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 18', '§ 3', '§ 17']

3-1.01#3h (Interfund Transfers) GOF and Unappropriated Balance for Tax Relief. HB30 - Member Request
By Member » Item 3-1.01 #3h
GOF and Unappropriated Balance for Tax Relief (language only)
Page 444, after line 17, insert:
"DD. On or before June 30 of the first year the State Comptroller shall transfer $27,300,000 to the general fund from accumulated balances in the Governor's Opportunity Development Fund (Fund 0910, Agency 192)."
(This amendment captures $27.3 million in accumulated balances in the Governor's Opportunity Fund to fund the first year costs associated with House Bill 453, which would establish a $25,000 taxable income threshold for corporate income tax liability and increase from $1,000 to $1,500 the minimum amount of income tax a corporation expects to pay prior to require a company to make estimated payments of corporate income tax. A companion amendment to the economic development incentives account, Item 101, reduces the appropriation for the Governor's Development Opportunity Fund by $9.6 million each year to cover the estimated fiscal year 2016 costs of this tax policy change. The "front page" of the budget would reflect the revenue loss associated with this tax policy change, estimated to cost $27.3 million in fiscal year 2015 and $19.2 million in fiscal year 2016.)
2.a. Transfers of net profits from the Alcoholic Beverage Control Enterprise Fund to the general fund shall be made four times a year, and such transfers shall be made within fifty (50) days of the close of each quarter. The transfer of fourth quarter profits shall be estimated and made in the month of June. In the event actual net profits are less than the estimate transferred in June, the difference shall be deducted from the net profits of the next quarter and the resulting sum transferred to the general fund. Distributions to localities shall be made within fifty (50) days of the close of each quarter. Net profits are estimated at $70,800,000 the first year and $71,000,000 the second year.
D. The provisions of Chapter 6 of Title 58.1, Code of Virginia notwithstanding, the State Comptroller shall transfer to the general fund from the special fund titled "Collections of Local Sales Taxes" a proportionate share of the costs attributable to increased local sales and use tax compliance efforts, the Property Tax Unit, and State Land Evaluation Advisory Committee (SLEAC) services by the Department of Taxation estimated at $5,839,598 the first year and $5,839,598 the second year.
E. The State Comptroller shall transfer to the general fund from the Transportation Trust Fund a proportionate share of the costs attributable to increased sales and use tax compliance efforts and revenue forecasting for the Transportation Trust Fund by the Department of Taxation estimated at $2,883,627 the first year and $2,883,627 the second year.
F. On or before June 30 of each year, the State Comptroller shall transfer $6,309,188 the first year and $6,309,188 the second year to the general fund the following amounts from the agencies and fund sources listed below, for expenses incurred by central service agencies:
G.1. The State Comptroller shall transfer to the Lottery Proceeds Fund established pursuant to § 58.1-4022.1, Code of Virginia, an amount estimated at $500,000,000 the first year and $500,000,000 the second year, from the State Lottery Fund. The transfer each year shall be made in two parts: (1) on or before January 1 of each year, the State Comptroller shall transfer the balance of the State Lottery Fund for the first five months of the fiscal year and (2) thereafter, the transfer will be made on a monthly basis. Prior to June 20 of each year, the State Lottery Director shall estimate the amount of profits in the State Lottery Fund for the month of June and shall notify the State Comptroller so that the estimated profits can be transferred to the Lottery Proceeds Fund prior to June 22.
2. No later than 10 days after receipt of the annual audit report required by § 58.1-4022.1, Code of Virginia, the State Comptroller shall transfer to the Lottery Proceeds Fund the remaining audited balances of the State Lottery Fund for the prior fiscal year. If such annual audit discloses that the actual revenue is less than the estimate on which the June transfer was based, the State Comptroller shall adjust the next monthly transfer from the State Lottery Fund to account for the difference between the actual revenue and the estimate transferred to the Lottery Proceeds Fund. The State Comptroller shall take all actions necessary to effect the transfers required by this paragraph, notwithstanding the provisions of § 58.1-4022, Code of Virginia. In preparing the Comprehensive Annual Financial Report, the State Comptroller shall report the Lottery Proceeds Fund as specified in § 58.1-4022.1, Code of Virginia.
K.1. Not later than 30 days after the close of each quarter during the biennium, the State Comptroller shall transfer, notwithstanding the allotment specified in § 58.1-1410, Code of Virginia, funds collected pursuant to § 58.1-1402, Code of Virginia, from the general fund to the Game Protection Fund. This transfer shall not exceed $5,900,000 the first year and $5,900,000 the second year.
M. Not later than thirty days after the close of each quarter during the biennium, the State Comptroller shall transfer to the Game Protection Fund the general fund revenues collected pursuant to § 58.1-638 E, Code of Virginia. Notwithstanding § 58.1-638 E, this transfer shall not exceed $13,000,000 the first year and $13,000,000 the second year.
O. On or before June 30 each year, the State Comptroller shall transfer to the general fund $4,589,914 the first year and $4,589,914 the second year from the Court Debt Collection Program Fund at the Department of Taxation.
S. On or before June 30 each year, the State Comptroller shall transfer to the general fund $1,550,385 the first year and $1,550,385 the second year from operating efficiencies to be implemented by the Department of Alcoholic Beverage Control.
T. The State Comptroller shall transfer quarterly, one-half of the revenue received pursuant to § 18.2-270.01, of the Code of Virginia, and consistent with the provisions of § 3-6.03 of this act, to the general fund in an amount not to exceed $9,055,000 the first year, and $8,055,000 the second year from the Trauma Center Fund contained in the Department of Health's Financial Assistance for Non Profit Emergency Medical Services Organizations and Localities (40203). It is the intent of the General Assembly that this transfer be phased-out over a multi-year period.
X. On or before June 30 each year the State Comptroller shall transfer an estimated $2,450,000 from the fund created pursuant to § 17.1-275.12 of the Code of Virginia, to Items 339, 389, and 414 of this act, for the purposes enumerated in Section 17.1-275.12.
Y. On or before June 30 each year, the State Comptroller shall transfer $10,518,587 the first year and $9,518,587 the second year to the general fund from the $2.00 increase in the annual vehicle registration fee from the special emergency medical services fund contained in the Department of Health's Emergency Medical Services Program (40200). It is the intent of the General Assembly that this transfer be phased-out over a multi-year period.
Z. The provisions of Chapter 6.2, Title 58.1, Code of Virginia, notwithstanding, on or before June 30 each year the State Comptroller shall transfer to the general fund from the proceeds of the Virginia Communications Sales and Use Tax (fund 0926), the Department of Taxation's indirect costs of administering this tax estimated at $114,413 the first year and $114,413 the second year.