58.1-2531 - Distribution of certain revenue. - Virginia Statutes

§ 58.1-2531. Distribution of certain revenue.

A. Beginning with the Commonwealth's fiscal year beginning on July 1, 2008and for each fiscal year thereafter, an amount equal to one-third of allrevenues collected by the Commission in the most recently ended fiscal yearfrom the tax imposed under this chapter, less one-third of the total amountof such tax refunded in the most recently ended fiscal year, shall bedeposited by the Comptroller to the Priority Transportation Fund establishedunder § 33.1-23.03:8.

B. For purposes of the Comptroller's deposits under this section, theCommissioner of the Bureau of Insurance shall, no later than July 15 of eachyear, provide a written certification to the Comptroller that reports theamount to be deposited pursuant to subsection A. After the required amounthas been deposited as provided in subsection A, all remaining revenues fromthe tax imposed under this chapter shall be deposited into the general fundof the state treasury. The Comptroller shall make all deposits under thissection as soon as practicable.

(2007, c. 896.)