Requires several actions relating to Virginia taxable income if a general fund surplus is recorded in a fiscal year. First, the bill establishes a refundable individual income tax credit that is a portion of the general fund surplus for the corresponding fiscal year. If $50 million or more in general fund surplus remains after assignments of the surplus for the Revenue Stabilization Fund, the Virginia Water Quality Improvement Fund, the Transportation Trust Fund, and other mandatory assignments, then a refundable income tax credit would be allowed for the corresponding taxable year equal to the remaining surplus divided by the number of individual income tax returns filed for the most recent taxable year. If less than $50 million in general fund surplus remains after such mandatory assignments, no tax credit would be available and the remaining surplus would be assigned by the Comptroller for nonrecurring expenditures. The credit could be claimed only by those individuals who were required under Virginia law to file an individual income tax return and filed such return. Second, if actual general fund revenues exceed the official general fund forecast by at least $500 million in a fiscal year, the income tax rate for Virginia taxable income in excess of $17,000 shall be lowered by one-quarter of one percent for the subsequent taxable year, until all income in excess of $5,000 is taxed at a rate of five percent. Finally, if actual general fund revenues exceed the official general fund forecast by at least $50 million in a fiscal year, the corporate income tax rate shall be lowered by one percent for the subsequent taxable year.
Sponsored bills
Prohibits the conversion of any contributed moneys, securities, or like intangible personal property by any person to the personal use of a candidate or member of the candidate's immediate family or an intimate partner of the candidate or a member of the candidate's immediate family, if (i) such use yields a grossly disproportionate and unreasonable benefit to the recipient or candidate relative to the benefit realized by the candidate's campaign or public office, (ii) the fair market value of converted property grossly exceeds the benefit realized by the candidate's campaign or public office, (iii) a reasonable and prudent person would not ordinarily authorize such expenditure as beneficial to the campaign, and (iv) such use is made with a knowing, willing, reckless, or negligent disregard for the financial interests of the campaign. Complaints of alleged violations may be made by any person to the State Board of Elections. The subject of the complaint has 30 days to provide to the State Board documentation or other evidence that the use of the campaign funds was permissible. The State Board shall call a hearing if it determines, after reviewing any response made by the subject of the complaint, that the use of campaign funds was impermissible. A person found by the State Board to have willfully and knowingly violated this section shall repay to the campaign committee the amount unlawfully converted. The State Board may also assess an additional civil penalty, in an amount not to exceed the amount unlawfully converted. Complaints may be declared factually meritless by the State Board when, viewing the facts in the light most favorable to the complaining party, it finds there is no credible allegation of a violation and such complaints shall be exempt from public disclosure for a period of time immediately preceding an election.