SB1281: Economic Development Incentive Grants; reduces waiting period for payments.

Chief Patron

Sen. Walter Stosch (R-12)

Walter Stosch (R-12)
Suite 110 Glen Allen, VA
Served: 1992–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/19/2007: signed by governor

View Entire History

Summary

Virginia Economic Development Partnership; Virginia Economic Development Incentive Grants.  Reduces the waiting period for payments under the Virginia Economic Development Incentive Grant subfund from four to three years. The bill also (i) raises the aggregate amount of grants payable in any fiscal year from $3 million to $6 million, (ii) raises the aggregate amounts outstanding at any time from $15 million to $30 million, and (iii) removes the limit on incentive grants that may be awarded in any single biennium.