Revenue Stabilization Fund

Status:Passed

Question: Shall Section 8 of Article X of the Constitution of Virginia be amended to increase the permissible size of the Revenue Stabilization Fund (also known as the "rainy day fund") from 10 percent to 15 percent of the Commonwealth's average annual tax revenues derived from income and retail sales taxes for the preceding three fiscal years?

EXPLANATION

Present Law:
The Revenue Stabilization Fund (also known as the "rainy day fund") is used to offset shortfalls in anticipated revenues in any given year, and thus is designed to provide a cushion in the event of an economic downturn. The Constitution currently limits the Fund to 10 percent of the Commonwealth's average annual tax revenues from income and sales taxes for the preceding three fiscal years.

Proposed Amendment:
The proposed constitutional amendment increases the maximum size of the Fund from 10 percent to 15 percent of the Commonwealth's average annual tax revenues from income and sales taxes for the preceding three fiscal years.

 

Positions

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Political Pulse

Do you support or oppose Revenue Stabilization Fund?

Yes No
Support Revenue Stabilization Fund
 
43%
Oppose Revenue Stabilization Fund
 
57%
 
 

Comments

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Virginia (change)

 
Virginia was founded in 1607 in Jamestown. Since then, Virginia has grown and prospered into a thriving state rich with diversity from culture to climate.
 
Offices & Officials

Governor: Robert F. McDonnell
Lieutenant Governor: Bill Bolling
Attorney General: Ken Cuccinelli
Secretary of State: Janet Polarek