§ 58.1-2531 — Distribution of certain revenue

Virginia § 58.1-2531

• Jurisdiction: Virginia
• Title 58.1: Taxation
• Subtitle II: Taxes Administered by Other Agencies
• Ch. 25: License Tax on Certain Insurance Companies
• Art. 2: Estimated Tax

Text

A. Beginning with the Commonwealth's fiscal year beginning on July 1, 2008 and for each fiscal year thereafter, an amount equal to one-third of all revenues collected by the Department in the most recently ended fiscal year from the tax imposed under this chapter, less one-third of the total amount of such tax refunded in the most recently ended fiscal year, shall be deposited by the Comptroller to the Commonwealth Transportation Fund established under § 33.2-1524.

B. For purposes of the Comptroller's deposits under this section, the Tax Commissioner shall, no later than July 15 of each year, provide a written certification to the Comptroller that reports the amount to be deposited pursuant to subsection A. After the required amount has been deposited as provided in subsection A, all remaining revenues from the tax imposed under this chapter shall be deposited into the general fund of the state treasury. The Comptroller shall make all deposits under this section as soon as practicable.

Legislative History

2007, c. 896; 2011, c. 850; 2020, cc. 1230, 1275.