As passed by the General Assembly and signed by the Governor in April 2007, H.B. 3202 contains these four major funding components:
- About $525 million per year to spend statewide on road and transit projects, with Northern Virginia receiving between $125 and $150 million annually. Funds to be raised by:
- Abusive Drivers Fee
- Increased registration fee for cars and light trucks
- Increased registration fee for heavy trucks and trailers
- Violation of weight limits by heavy trucks
- Diesel/Road Tax
- Dedicated portion of insurance premiums
- Recordation Tax
- General Fund Surplus
- Bonding equal to $3 billion over a 10-year period.
- Northern Virginia authority package to generate $325-445 million per year.
- AUTHORITY IMPOSED
- Grantors’ Tax
- Motor Vehicle Rental Tax
- Transient Occupancy Tax
- Safety Inspection Fee
- Initial Vehicle Registration Fee
- Sales Tax on Auto Repairs
- Regional Registration Fee
- LOCAL OPTION REVENUES
- Commercial Real Estate Tax (up to .25/$100)
- Commercial/Residential Impact Fee
- Hampton Roads authority package to generate $200 million per year.
For more detail on the Financial Impact of H.B. 3202 as passed by the General Assembly and signed into law, click here.
