Bill Text: VA HB873 | 2012 | Regular Session | Prefiled
Bill Title: Direct Aid to Public Education; amends by lowering maximum Composite Index rate.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-02-20 - House: Left in Appropriations [HB873 Detail]
Download: Virginia-2012-HB873-Prefiled.html
12102824D Be it enacted by the General Assembly of Virginia: 1. §1. That the Governor and the General Assembly shall develop and implement a plan to incrementally lower the maximum Composite Index rate from 0.80 to 0.50 within 10 years. The plan shall provide that: (i) the Governor shall present a biennial budget beginning in December of 2013 for the 2014-2016 biennium which lowers the maximum Composite Index by 0.05 to 0.75; (ii) each biennial budget thereafter be presented with the Composite Index lowered at least an additional 0.05, so that during the 2016-2018 biennium the maximum Composite Index is 0.70, during the 2018-2020 biennium the maximum Composite Index is 0.65, during the 2020-2022 biennium the maximum Composite Index is 0.60, during the 2022-2024 biennium the maximum Composite Index is 0.55, and during the 2024-2026 biennium the maximum Composite Index is 0.50; and (iii) at no time shall the minimum Composite Index of 0.20 be raised. |