March 26, 2007
Monday Governor Kaine offered amendments to the heavily debated Transportation bill which narrowly passed in the General Assembly.
The amendments include $3 billion of bond funding for road projects. The Governor says his amendments would add up to $375 million annually for statewide funding, plus two thirds of surplus revenue to transportation, a $400 million annual northern Virginia regional package, and $200 million annual Hampton Roads regional package.
Kaine's amendments include dedicating three cents of existing recordation taxes to transportation, with two cents going to transit funding and one cent going towards highway maintenance. It also includes equalizing the tax on diesel fuel from $.16 to $17.5 and increasing the vehicle registration fee in the same amount that the General Assembly's plan adopted.
The amendments would also require northern Virginia and Hampton Roads localities to give the regional authority the power to impose seven taxes and fees.
In addition the amendments would create a lockbox on new revenues and if the funds should be diverted for other purposes, revenues in the bill would cease.
Kaine says he is urging the General Assembly to accept his amendments.
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