Section 120. Expenditure of taxes collected within a county

Part VII. Expenditure of Taxes

Whenever it is impractical to expend within any county within one tax year 50% of the forest products tax collected on pine timber in that county, in any one tax year, as provided in § 58.1-1611 of the Forest Products Tax Act, the unexpended balance of the 50% of the total tax collected and encumbered for expenditure in any particular county shall be carried forward and expended in that county in a succeeding two years. At the beginning of the third year this unexpended tax will be available for use in the statewide program wherever needed. The 50% of the total collected in any county not required by law to be expended in that particular county may be expended by the administrator in any county for carrying out the provision of the Act.

Historical Notes

Former 4VAC5-60-120 derived from VR312-01-04, eff. July 1, 1971; amended, eff. July 1, 1978, eff. July 1, 1979, eff. July 1, 1980, eff. July 1, 1981, eff. July 1, 1982; amended and renumbered as 4VAC10-40-120, Volume 22, Issue 21, eff. July 26, 2006.

Statutory Authority

§ 10.1-1101 of the Code of Virginia.