                                 CODE OF VIRGINIA

PUBLIC EDUCATION STANDARDS OF QUALITY/LOCAL REAL ESTATE PROPERTY TAX RELIEF FUND
ESTABLISHED (§ 58.1-638.1)

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 § 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.
		All 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.

HISTORY: 2004, Sp. Sess. I, c. 3.