58.1-638.1 - Public Education Standards of Quality/Local Real Estate Property Tax Relief Fund established. - Virginia Statutes

§ 58.1-638.1. Public Education Standards of Quality/Local Real EstateProperty Tax Relief Fund established.

There is hereby created in the state treasury a special permanent,nonreverting, interest-bearing fund to be known as the Public EducationStandards of Quality/Local Real Estate Property Tax Relief Fund, hereinafterreferred to as "the Fund." The Fund shall be established on the books ofthe Comptroller. The Fund shall consist of (i) any sales and use tax revenuestransferred pursuant to subsection F of § 58.1-638; (ii) any other moneysappropriated to it by the General Assembly; and (iii) such other sums as maybe made available to it from any other source, public or private, all ofwhich shall be credited to the Fund. Any moneys remaining in the Fund,including interest thereon, at the end of each fiscal year shall remain inthe Fund and shall not revert to the general fund.

All amounts credited to the Fund shall be paid to localities in accordancewith the general appropriation act to meet the Commonwealth's responsibilityfor the Standards of Quality prescribed pursuant to Article VIII, Section 2of the Constitution of Virginia. Any amount paid to a county, city, or townfrom the Fund shall be taken into account by the governing body of thecounty, city, or town in setting real estate tax rates.

(2004, Sp. Sess. I, c. 3.)