SB 1161 (Stuart), as introduced, raises from $20 million to $60 million the amount of recordation tax revenue that should be annually distributed. This bill holds Hampton Roads Regional Transit harmless by keeping their $20 million dollar allocation annually. The important change in this bill, and one VACo members will be delighted to hear, is that SB 1161 not only re-establishes the recordation tax revenue that localities should receive, but this raises the amount from $20 million to $40 million.
SB 1161 was passed by indefinitely in during its initial hearing in the Senate Finance and Appropriations Committee by a vote 0f 15-0. While this is not the outcome VACo hoped for, we appreciate Senator Stuart for putting forth this legislation.
Senator Stuart also submitted two budget amendments regarding state recordation tax revenues being distributed to localities that could have been considered for inclusion into the amended budget. Of these amendments, one that VACo submitted restores the state recordation tax while another increases the amount allocated to localities. The money committees approved amendments to the budget were released in full on February 7. Senator Stuarts amendments were not included. VACo wants to thank Senator Stuart for submitting these budget amendments, and VACo will continue to support the restoration of state recordation tax revenues distributed to localities.
VACo Contact: James Hutzler