VA HB892 | 2012 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 11 2012 - 25% progression, died in committee
Action: 2012-02-14 - House: Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 11 2012 - 25% progression, died in committee
Action: 2012-02-14 - House: Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Summary
Taxes on fuels; issuance of bonds. Makes the retail sale of gasoline, diesel fuel, and other fuels subject to the general five percent retail sales and use tax and reduces the fuels tax on such fuels by $0.05 per gallon from $0.175 per gallon to $0.125 per gallon. Under current law, the sale of fuels is exempt from the general retail sales and use tax, but fuels are subject to a fuels tax imposed at the rate of $0.175 per gallon. Of the net additional revenues generated each year under the bill, $250 million would be deposited into the Highway Maintenance and Operating Fund and the remainder would be deposited into the Highway Construction Projects Trust Fund created under the bill. Moneys deposited into the Highway Construction Projects Trust Fund would be used to finance or fund the construction, acquisition, reconstruction, or replacement of or improvements or additions to highway projects determined necessary by the Commonwealth Transportation Board. The bill also authorizes the issuance of up to $5 billion in bonds for such highway projects with the bonds and the interest thereon to be repaid from the net additional revenues generated by the bill and deposited into the Fund. The Commonwealth Transportation Board is charged with ensuring that of the net additional revenues over the long term approximately 38 percent of such revenues would be used for projects in the Northern Virginia construction district, 31 percent for projects in the Hampton Roads construction district, and 31 percent for projects in all other construction districts in the Commonwealth.
Title
Highway Construction Projects Trust Fund; established.
Sponsors
Roll Calls
2012-02-08 - House - House: Subcommittee recommends laying on the table (9-Y 2-N) (Y: 9 N: 2 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2012-02-14 | House: Left in Finance | |
| 2012-02-08 | House: Subcommittee recommends laying on the table (9-Y 2-N) | |
| 2012-01-20 | House: Assigned Finance sub: #1 | |
| 2012-01-11 | House: Referred to Committee on Finance | |
| 2012-01-11 | House: Prefiled and ordered printed; offered 01/11/12 12100346D |
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 33 | 1 | 23.03:11 | (n/a) | See Bill Text |
| 33 | 1 | 268 | (n/a) | See Bill Text |
| 33 | 1 | 269 | (n/a) | See Bill Text |
| 33 | 1 | 277 | (n/a) | See Bill Text |
| 58 | 1 | 2217 | (n/a) | See Bill Text |
| 58 | 1 | 2249 | (n/a) | See Bill Text |
| 58 | 1 | 2261 | (n/a) | See Bill Text |
| 58 | 1 | 2289 | (n/a) | See Bill Text |
| 58 | 1 | 2701 | (n/a) | See Bill Text |
| 58 | 1 | 2706 | (n/a) | See Bill Text |
| 58 | 1 | 603 | (n/a) | See Bill Text |
| 58 | 1 | 604 | (n/a) | See Bill Text |
| 58 | 1 | 605 | (n/a) | See Bill Text |
| 58 | 1 | 606 | (n/a) | See Bill Text |
| 58 | 1 | 609.1 | (n/a) | See Bill Text |
| 58 | 1 | 609.10 | (n/a) | See Bill Text |
| 58 | 1 | 638 | (n/a) | See Bill Text |
