VIRGINIA -- A bill proposed by Virginia legislators looking to garner financial support for transportation funding would tap car rentals with a 2% tax increase on rental transactions.

State Bill 701, proposed by Sen. Jeannemarie Divoltes Davis, along with delegates Dave Albo and Tom Rust, would also hit hotel taxes, recordation taxes paid by home purchasers, and increase fines for various traffic violations, according to newspaper The Connection.

The money that the bill produced would be given to the Northern Virginia Transportation Authority to decide where it should be spent. According to the newspaper report, the authority was formed by the General Assembly to manage funds from a proposed sales tax increase, but voters rejected that revenue stream four years ago.

The tax package, if approved, is expected to raise $300 million dollars for a $15 billion plan called “Transportation 2030” that is designed to improve traffic in the region.

If passed, the bill will go into effect July 1.