Virginia HB 660: Income tax, corporate; distribution of revenues to state parks.

Bill Text

2024SESSION
INTRODUCED
24102049D
1 HOUSEBILLNO.660
2 OfferedJanuary10,2024
3 PrefiledJanuary9,2024
4 A BILL to amend and reenact § 10.1-202 of the Code of Virginia and to amend the Code of Virginia by
5 adding a section numbered 58.1-400.01, relating to corporate income tax; distribution of revenues;
6 state parks.
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Patrons––KilgoreandOrrock
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9 ReferredtoCommitteeonFinance
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11 Be it enacted by the General Assembly of Virginia:
12 1. That § 10.1-202 of the Code of Virginia is amended and reenacted and that the Code of Virginia
13 is amended by adding a section numbered 58.1-400.01 as follows:
14 §10.1-202. Gifts, funds, and fees designated for state parks; establishment of funds.
15 A. The State Park Conservation Resources Fund shall consist of all state park fees, fees from
16 concessions, civil penalties assessed pursuant to § 10.1-200.2 and under § 10.1-200.3, all revenues
17 associated with forest product sales on state parks pursuant to § 10.1-113, all revenues distributed
18 pursuant to § 58.1-400.01, and all funds accruing from, on account of, or to the use or management of
19 state parks acquired or held by the Department. This special fund shall be noninterest bearing. The fund
20 shall be under the direction and control of the Director and may be expended for (i) providing entry to
21 state parks in the Commonwealth without the payment of a parking or admission fee and (ii) the
22 conservation, development, maintenance, and operations of state parks acquired or held by the
23 Department. Unexpended portions of the fund shall not revert to the state treasury at the close of any
24 fiscal year unless specified by an act of the General Assembly.
25 B. The State Park Acquisition and Development Fund shall consist of the proceeds from the sale of
26 surplus property. This special fund shall be noninterest bearing. The fund shall be under the direction
27 and control of the Director and shall be used exclusively for the acquisition and development of state
28 parks. Unexpended portions of the fund shall not revert to the state treasury at the close of any fiscal
29 year unless specified by an act of the General Assembly.
30 C. The State Park Projects Fund shall consist of all income, including grants from any source, gifts
31 and bequests of money, securities and other property, and gifts and devises of real property or interests
32 therein given or bequeathed to the Department for the conservation, development, maintenance, or
33 operations of state parks. This special fund shall be interest bearing and any income earned from these
34 gifts, bequests, securities or other property shall be deposited to the credit of the fund. This fund shall
35 be under the control of the Director and may be expended with advice from the Board for the
36 conservation, development, maintenance, or operations of state parks. Unexpended portions of the fund
37 shall not revert to the state treasury at the close of any fiscal year unless specified by an act of the
38 General Assembly.
39 D. The Director is authorized to receive and to sell, exchange, or otherwise dispose of or invest as
40 he deems proper the moneys, securities, or other real or personal property or any interest therein given
41 or bequeathed to the Department for any of the funds established under this section, unless such action
42 is restricted by the terms of a gift or bequest. The Director may enter into contracts and agreements, as
43 approved by the Attorney General, to accomplish the purposes of these funds. The Director may do any
44 and all lawful acts necessary or appropriate to carry out the purposes for which the above funds were
45 established.
46 E. These funds shall not include any gifts of money to the Virginia Land Conservation Foundation or
47 other funds deposited in the Virginia Land Conservation Fund.
48 §58.1-400.01. Corporate income tax revenue distribution for state park purposes.
49 A. Beginning July 1, 2024, five percent of all corporate income tax revenues collected pursuant to
50 this article shall be distributed to the State Park Conservation Resources Fund established pursuant to
51 subsection A of § 10.1-202 and is directed and controlled by the Director of the Department of
52 Conservation and Recreation. Such revenues may only be expended, as provided in the appropriation
53 act, (i) to provide entry to state parks in the Commonwealth without the payment of a parking or
54 admission fee and (ii) for the conservation, development, maintenance, and operations of state parks
55 acquired or held by the Department of Conservation and Recreation.
56 B. All corporate income tax revenues collected by the Tax Commissioner under this section shall be
57 paid into the state treasury to the credit of the State Park Conservation Resources Fund.
58 C. As soon as practicable after the corporate income tax revenues have been paid into the state
INTRODUCED
HB660
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HB660 2of2
59 treasury in any