MEI Project Approval Commission; expands scope of incentive packages to be reviewed. (HB199)
Introduced By
Del. Kirk Cox (R-Colonial Heights)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
MEI Project Approval Commission; work of the Commission. Expands the scope of incentive packages to be reviewed by the MEI Project Approval Commission by eliminating the limitation that the Commission may only review incentive packages for MEI projects that are proposed to be funded by bonds of the Virginia Public Building Authority and by providing for the Commission to review incentive packages (including but not limited to incentive packages for MEI projects) for which (i) one or more of the incentives in the incentive package is not authorized under current law, or (ii) an amendment by the General Assembly is being sought to one or more currently existing incentives included as part of the incentive package.
A Major Employment and Investment project is defined under current law as a regional economic development project in which a private entity is expected to make a capital investment exceeding $250 million in the Commonwealth and to create more than 400 new full-time jobs.
As part of its review, the Commission may endorse certain incentive packages for approval by the General Assembly. View Full Text »
