§ 58.1-638.1. Public Education Standards of Quality/Local Real Estate Property Tax Relief Fund establishe...
There is hereby created in the state treasury a special permanent, nonreverting, interest-bearing fund to be known as the Public Education Standards of Quality/Local Real Estate Property Tax Relief Fund, hereinafter referred to as "the Fund." The Fund shall be established on the books of the Comptroller. The Fund shall consist of (i) any sales and use tax revenues transferred pursuant to subsection F of § 58.1-638; (ii) any other moneys appropriated to it by the General Assembly; and (iii) such other sums as may be made available to it from any other source, public or private, all of which shall be credited to the Fund. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall remain in the Fund and shall not revert to the general fund.
All amounts credited to the Fund shall be paid to localities in accordance with the general appropriation act to meet the Commonwealth's responsibility for the Standards of Quality prescribed pursuant to Article VIII, Section 2 of the Constitution of Virginia. Any amount paid to a county, city, or town from the Fund shall be taken into account by the governing body of the county, city, or town in setting real estate tax rates.
(2004, Sp. Sess. I, c. 3.)
Sections: Previous 58.1-627 58.1-628.1 58.1-628.2 58.1-629 58.1-630 58.1-631 58.1-632 58.1-633 58.1-634 58.1-635 58.1-636 58.1-637 58.1-638 58.1-638.1 58.1-639 NextLast modified: April 16, 2009