Taxpayer Rebate Measure Passes House
Peace co-patron’s House Bill 1318 and announced first major step to meaningful tax relief
Today, the House of Delegates passed House Bill (HB) 1318, patroned by Delegate John O’Bannon (R-Henrico). This bill would require surplus taxpayer funds otherwise designated for the Revenue Stabilization Fund to be deposited in a special non-reverting fund called the Virginia Taxpayer Surplus Relief Fund. The bill passed by a 99-0 vote. Tax relief under the fund will be provided if the excess amount is more than $50 million.
As a co-patron of this measure, Peace said that “Even in challenging economic times, we must remain committed and fight for tax relief measures to be able to allow taxpayers to get back some of their hard earned money.” HB 1318 awaits a committee assignment in the State Senate.
Delegate Peace initially worked on a similar measure in the form of a constitutional amendment while working for then Delegate Eric I. Cantor who is now the 7th District U.S. Congressman.
