                                 CODE OF VIRGINIA

DISPOSITION OF MONEYS COLLECTED BY THE BOARD (§ 4.1-614)

A. All moneys collected by the Board shall be paid directly and promptly into
the state treasury, or shall be deposited to the credit of the State Treasurer
in a state depository, without any deductions on account of salaries, fees,
costs, charges, expenses, refunds, or claims of any description whatever, as
required by &#xA7; 2.2-1802.
			All moneys so paid into the state treasury, less the net profits determined
pursuant to subsection C, shall be set aside as and constitute an Enterprise
Fund, subject to appropriation, for the payment of (i) the salaries and
remuneration of the members, agents, and employees of the Board and (ii) all
costs and expenses incurred in the administration of this subtitle.

B. The net profits derived under the provisions of this subtitle shall be
transferred by the Comptroller to the general fund of the state treasury
quarterly, within 50 days after the close of each quarter or as otherwise
provided in the appropriation act. As allowed by the Governor, the Board may
deduct from the net profits quarterly a sum for the creation of a reserve fund
not exceeding the sum of $2.5 million in connection with the administration of
this subtitle and to provide for the depreciation on the buildings, plants, and
equipment owned, held, or operated by the Board. After accounting for the
Authority&#8217;s expenses as provided in subsection A, net profits shall be
appropriated in the general appropriation act as follows:

   1. Forty percent to pre-kindergarten programs for at-risk three-year-olds and
   four-year-olds;

   2. Thirty percent to the Cannabis Equity Reinvestment Fund established
   pursuant to &#xA7; 2.2-2499.8;

   3. Twenty-five percent to the Department of Behavioral Health and
   Developmental Services, which shall distribute such appropriated funds to
   community services boards for the purpose of administering substance use
   disorder prevention and treatment programs; and

   4. Five percent to public health programs, including public awareness
   campaigns that are designed to prevent drugged driving, discourage consumption
   by persons younger than 21 years of age, and inform the public of other
   potential risks.

C. As used in this section, &#8220;net profits&#8221; means the total of all
moneys collected by the Board, less local marijuana tax revenues collected under
&#xA7; 4.1-1004 and distributed pursuant to &#xA7; 4.1-614 and all costs,
expenses, and charges authorized by this section.

D. All local tax revenues collected under &#xA7; 4.1-1004 shall be paid into the
state treasury as provided in subsection A and credited to a special fund, which
is hereby created on the Comptroller&#8217;s books under the name
&#8220;Collections of Local Marijuana Taxes.&#8221; The revenues shall be
credited to the account of the locality in which they were collected. If
revenues were collected from a marijuana establishment located in more than one
locality by reason of the boundary line or lines passing through the marijuana
establishment, tax revenues shall be distributed pro rata among the localities.
The Authority shall provide to the Comptroller any records and assistance
necessary for the Comptroller to determine the locality to which tax revenues
are attributable.
			On a quarterly basis, the Comptroller shall draw his warrant on the Treasurer
of Virginia in the proper amount in favor of each locality entitled to the
return of its tax revenues, and such payments shall be charged to the account of
each such locality under the special fund created by this section. If errors are
made in any such payment, or adjustments are otherwise necessary, whether
attributable to refunds to taxpayers, or to some other fact, the errors shall be
corrected and adjustments made in the payments for the next quarter.

HISTORY: 2021, Sp. Sess. I, cc. 550, 551.