10/4/06-A bill has died that would have sent a larger portion of revenues – about $60 million annually – from a state tax on real estate transfers for transportation.
Currently, $40 million of state recordation tax revenue is dedicated each year to localities to be used for transportation purposes or for public education. The bill specified that beginning July 1, 2008, the total combined dedication of $100 million shall be used solely for transportation purposes.
The bill also increased from $40 million to $50 million the amount of state recordation tax revenue that is dedicated to the U.S. Route 58 Corridor Development Fund.
Sponsored by House Transportation Committee Chairman Leo Wardrup, R-Virginia Beach, HB5082 remained in the Senate Finance Committee when the special session on transportation ended Sept. 28.

9/20/06-A bill that is expected to be considered by lawmakers in a special session on transportation that starts Wednesday, Sept. 27, would send a larger portion of revenues – about $60 million annually – from a state tax on real estate transfers for transportation.
Currently, $40 million of state recordation tax revenue is dedicated each year to localities to be used for transportation purposes or for public education. Beginning July 1, 2008, the total combined dedication of $100 million shall be used solely for transportation purposes.
Sponsored by House Transportation Committee Chairman Leo Wardrup, R-Virginia Beach, HB5082 also increases from $40 million to $50 million the amount of state recordation tax revenue that is dedicated to the U.S. Route 58 Corridor Development Fund.
For House bill status, call (804) 698-1500. In Virginia, call 1-877-391-3228.