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The last meeting of the Finance Committee held in Richmond on November 20th was a pistol. Chairman Campbell presented a proposal on refunding any pending state surplus to the cities and counties of Virginia. It was assumed to be approximately 40 million dollars. Duriong the meeting it was discovered that there J was a difference in interpretation between the Department of Taxation and the SCC on “tax year” and “taxable year” as related to utilities.
It was further learned that this resulted in a loss of revenue of 5 to 8 million dollars, so the assumed surplus was beginning to dwindle. It also will probably go down another 7 million dollars at our meeting in late December when the Chairman finds out that the railroads are making a pitch for a refund. This was created by the ICC requiring the states to come up with a different method of taxing railroads other than a franchise tax. Under the new method they would be taxed on loaded car miles as related to income.
If this plan is adopted then the railroads should be reimbursed the amount of the franchise tax that has already been paid to the tune of 7 million dollars. So, you can see if the above holds true, the so called surplus will take a “lickin.” Besides, no one has checked with the Governor or the Chairman of the appropriations committee regarding the handling of a surplus.
Now, a little insight on the sub-committees I was placed on by Committee Chairmen. First off was the subcommittee on multiflora rose problems. This committee has met three times concerning the rose being a real problem in southwest Virginia. It has come as far
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