Economic development, local; revenues from certain taxes for qualified locality. (SB656)

Introduced By

Sen. Tom Garrett (R-Lynchburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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

Bill Has Failed

History

DateAction
01/17/2014Presented and ordered printed 14104112D
01/17/2014Referred to Committee on Local Government
01/27/2014Impact statement from TAX (SB656)
01/28/2014Reported from Local Government (6-Y 3-N)
01/28/2014Rereferred to Finance
02/05/2014Committee amendment
02/05/2014Continued to 2015 in Finance (17-Y 0-N) (see vote tally)