Economic development, local; revenues from certain taxes for qualified locality. (SB656)
Introduced By
Progress
✓ |
Introduced |
✗ |
Passed Committee |
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Passed House |
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Passed Senate |
☐ |
Signed by Governor |
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Became Law |
Description
Local economic development. Provides that the Virginia income tax net revenue and sales and use tax generated by certain corporations or limited liability companies within a qualified locality shall be transferred to the qualified locality under certain conditions. A qualified locality is one that (i) has made application to the Virginia Economic Development Partnership Authority for a Major Employment and Investment Project Site Planning Grant pursuant to 2.2-2240.2 and has been rejected for such grant and (ii) has expended local funds for the economic development purposes specified in 2.2-2240.2. The total amount eligible to be returned to a qualified locality shall not exceed $5 million for any single economic development project. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/17/2014 | Presented and ordered printed 14104112D |
01/17/2014 | Referred to Committee on Local Government |
01/27/2014 | Impact statement from TAX (SB656) |
01/28/2014 | Reported from Local Government (6-Y 3-N) |
01/28/2014 | Rereferred to Finance |
02/05/2014 | Committee amendment |
02/05/2014 | Continued to 2015 in Finance (17-Y 0-N) (see vote tally) |