Virginia 2024 Regular Session Status: In Committee

HB 542 — Revenue Stabilization Fund and Revenue Reserve Fund; required deposits.

Last action — Left in Appropriations

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House of Delegates
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Revenue Stabilization Fund and Revenue ReserveFund; required deposits. Requires deposit of any revenues thatwould be required to be deposited in the Revenue Stabilization Fundor Revenue Reserve Fund to be deposited in the Taxpayer Relief Fund,established by the bill, in certain circumstances. Such depositsshall be made if the combined balance in the Revenue StabilizationFund or Revenue Reserve Fund exceeds 15 percent of the Commonwealth'saverage annual tax revenues derived from taxes on income and retailsales.

Bill Text

Action History

  1. Left in Appropriations

  2. Subcommittee recommends laying on the table (5-Y 2-N)

  3. Assigned App. sub: General Government and Capital Outlay

  4. Referred to Committee on Appropriations

  5. Referred from Finance

  6. Impact statement from DPB (HB542)

  7. Referred to Committee on Finance

  8. Prefiled and ordered printed; offered 01/10/24 24101584D

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on · 2 voted No

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

Show all 147 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subcommittee recommends laying on the table (5-Y 2-N)

Passed 5 Yea · 2 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 5202
Total 5202
% of votes cast 56%22%0%22%
How each member voted (9)
Member Party Vote
Briana D. Sewell — Yea
C.E. Cliff Hayes, Jr. — Yea
David A. Reid — Yea
Delores L. McQuinn — Not Voting
James W. Morefield — Yea
Knight, Barry D. — Nay
Luke E. Torian — Not Voting
Robert S. Bloxom, Jr. — Nay
Sam Rasoul — Yea

Official roll call →

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 542 do?
Revenue Stabilization Fund and Revenue ReserveFund; required deposits. Requires deposit of any revenues thatwould be required to be deposited in the Revenue Stabilization Fundor Revenue Reserve Fund to be deposited in the Taxpayer Relief Fund,established by the bill, in certain circumstances. Such depositsshall be made if the combined balance in the Revenue StabilizationFund or Revenue Reserve Fund exceeds 15 percent of the Commonwealth'saverage annual tax revenues derived from taxes on income and retailsales.
Who sponsors HB 542?
HB 542 is sponsored by Joseph P. McNamara.
What is the current status of HB 542?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 542?
Track HB 542 free on One Click Politics — get push/email alerts when it moves.

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