{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-638.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-638.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-638.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-638.1.html"}],"law_id":82361,"edition_id":1,"section_id":82361,"structure_id":12899,"section_number":"58.1-638.1","catch_line":"Public Education Standards of Quality\/Local Real Estate Property Tax Relief Fund established","history":"2004, Sp. Sess. I, c. 3.","full_text":"There is hereby created in the state treasury a special permanent, nonreverting, interest-bearing fund to be known as the Public Education Standards of Quality\/Local Real Estate Property Tax Relief Fund, hereinafter referred to as &#8220;the Fund.&#8221; The Fund shall be established on the books of the Comptroller. The Fund shall consist of (i) any sales and use tax revenues transferred pursuant to subsection F of \u00a7 58.1-638; (ii) any other moneys appropriated to it by the General Assembly; and (iii) such other sums as may be made available to it from any other source, public or private, all of which shall be credited to the Fund. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall remain in the Fund and shall not revert to the general fund.\n\t\tAll amounts credited to the Fund shall be paid to localities in accordance with the general appropriation act to meet the Commonwealth&#8217;s responsibility for the Standards of Quality prescribed pursuant to Article VIII, Section 2 of the Constitution of Virginia. Any amount paid to a county, city, or town from the Fund shall be taken into account by the governing body of the county, city, or town in setting real estate tax rates.","order_by":null,"text":{"0":{"id":295095,"text":"There is hereby created in the state treasury a special permanent, nonreverting, interest-bearing fund to be known as the Public Education Standards of Quality\/Local Real Estate Property Tax Relief Fund, hereinafter referred to as &#8220;the Fund.&#8221; The Fund shall be established on the books of the Comptroller. The Fund shall consist of (i) any sales and use tax revenues transferred pursuant to subsection F of \u00a7 58.1-638; (ii) any other moneys appropriated to it by the General Assembly; and (iii) such other sums as may be made available to it from any other source, public or private, all of which shall be credited to the Fund. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall remain in the Fund and shall not revert to the general fund.\n\t\tAll amounts credited to the Fund shall be paid to localities in accordance with the general appropriation act to meet the Commonwealth&#8217;s responsibility for the Standards of Quality prescribed pursuant to Article VIII, Section 2 of the Constitution of Virginia. Any amount paid to a county, city, or town from the Fund shall be taken into account by the governing body of the county, city, or town in setting real estate tax rates.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":12899,"edition_id":1,"name":"Retail Sales and Use Tax","identifier":"6","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:43:59","date_modified":"2026-06-26 03:43:59","permalink":{"id":254543,"object_type":"structure","relational_id":12899,"identifier":"6","token":"58.1\/I\/6","url":"\/58.1\/I\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 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books of the Comptroller. The Fund shall consist of (i) any <span class=\"dictionary\">sales<\/span> and <span class=\"dictionary\">use<\/span> tax revenues transferred pursuant to subsection F of \u00a7&nbsp;<a class=\"law\" title=\"Disposition of state sales and use tax revenue\" href=\"\/58.1-638\/\">58.1-638<\/a>; (ii) any other moneys appropriated to it by the General Assembly; and (iii) such other sums as may be made available to it from any other source, public or private, all of which shall be credited to the Fund. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall remain in the Fund and shall not revert to the general fund.\n\t\tAll amounts credited to the Fund shall be paid to localities in accordance with the general appropriation act to meet the Commonwealth&#8217;s responsibility for the Standards of Quality prescribed pursuant to Article VIII, Section 2 of the Constitution of Virginia. Any amount paid to a county, city, or town from the Fund shall be taken into account by the governing body of the county, city, or town in setting real estate tax rates.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPUBLIC EDUCATION STANDARDS OF QUALITY\/LOCAL REAL ESTATE PROPERTY TAX RELIEF FUND\nESTABLISHED (\u00a7 58.1-638.1)\n\nThere is hereby created in the state treasury a special permanent, nonreverting,\ninterest-bearing fund to be known as the Public Education Standards of\nQuality\/Local Real Estate Property Tax Relief Fund, hereinafter referred to as\n&#8220;the Fund.&#8221; The Fund shall be established on the books of the\nComptroller. The Fund shall consist of (i) any sales and use tax revenues\ntransferred pursuant to subsection F of \u00a7 58.1-638; (ii) any other moneys\nappropriated to it by the General Assembly; and (iii) such other sums as may be\nmade available to it from any other source, public or private, all of which\nshall be credited to the Fund. Any moneys remaining in the Fund, including\ninterest thereon, at the end of each fiscal year shall remain in the Fund and\nshall not revert to the general fund.\n\t\tAll amounts credited to the Fund shall be paid to localities in accordance\nwith the general appropriation act to meet the Commonwealth&#8217;s\nresponsibility for the Standards of Quality prescribed pursuant to Article VIII,\nSection 2 of the Constitution of Virginia. Any amount paid to a county, city, or\ntown from the Fund shall be taken into account by the governing body of the\ncounty, city, or town in setting real estate tax rates.\n\nHISTORY: 2004, Sp. Sess. I, c. 3.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}