Virginia would collect an extra $16.4 million next year under a bill passed today by the Senate Finance Committee conforming the state's schedule for receiving prepaid taxes to one adopted last year by the federal government.
A similar bill is expected to be released Wednesday by the House Finance Committee, giving both sides of the General Assembly a little more money for the budget battles that are expected to start in earnest this week.
Gov. Charles S. Robb, who has proposed $175 million in budget cuts to stave off a revenue shortfall next year, has not yet endorsed the revenue measure but administration officials, eager to help the legislators ease the pain of budget cutting, are giving the bills tacit support.
The bills would increase the percentage of estimated taxes paid each quarter by corporations from 80 percent to 90 percent. The percentage required each quarter by individual taxpayers would move up from 70 percent to 80 percent.
The change in payment schedules would affect relatively few individuals as only 160,000 of Virginia's 2 million taxpayers chose to file estimated income tax returns on a quarterly basis. Of those, 60 percent already pay more than the required minimum of 80 percent.
The bulk of the new funds -- or $10.6 million -- will come from corporations, but the measure has drawn no opposition from a business community already accustomed to the new federal schedule. The new formula for prepayments will go into effect in April 1984.
The $16.4 million, anticipated by key legislators since last summer, is expected to be divvied up quickly in both the Senate Finance Committee and the House Appropriations Committee, which this year are moving along parallel tracks in their budget deliberations.
"We are looking at all sources of revenue," said House Appropriations Committee chairman Richard Bagley (D-Hampton).
Sen. Edward E. Willey (D-Richmond), absent last week because of illness, is expected to return today and resume his chairmanship of the Senate Finance Committee.