Innovation and Entrepreneurship Investment Authority; powers, report. (HB1799)

Introduced By

Del. Tag Greason (R-Potomac Falls) with support from co-patron Del. Steve Landes (R-Weyers Cave)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Innovation and Entrepreneurship Investment Authority; powers. Provides the Innovation and Entrepreneurship Investment Authority (commonly known as the CIT) with the power to exclusively, or with any other person, form and otherwise develop, own, operate, govern, and otherwise direct the disposition of assets of separate legal entities that facilitate the implementation of the powers and duties of the Authority. The bill provides that these legal entities may include limited liability companies, limited partnerships, charitable foundations, real estate holding companies, investment holding companies, nonstock corporations, and benefit corporations and provides that any such entities shall be operated under the governance of the Authority. The bill sets out other requirements for such entities, including that they shall not be deemed to be a state or governmental agency, advisory agency, or public body or instrumentality and that no director, officer, or employee of any such entity shall be deemed to be an officer or employee for purposes of the State and Local Government Conflict of Interests Act. The bill does provide, however, that the Auditor of Public Accounts or his legally authorized representatives shall annually audit the financial accounts of the Authority and any such entity, provided that the working papers and records of the Auditor of Public Accounts relating to such audits shall not be subject to the provisions of the Virginia Freedom of Information Act. The bill also sets the quorum for the Authority's board of directors at seven and requires the reporting of certain additional information to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance, the Secretary of Technology, and the Director of Planning and Budget. Read the Bill »


Bill Has Passed


01/13/2015Prefiled and ordered printed; offered 01/14/15 15103438D
01/13/2015Referred to Committee on Science and Technology
02/02/2015Impact statement from DPB (HB1799)
02/02/2015Reported from Science and Technology with substitute (21-Y 1-N) (see vote tally)
02/02/2015Committee substitute printed 15104633D-H1
02/02/2015Referred to Committee on Appropriations
02/03/2015Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources
02/04/2015Impact statement from DPB (HB1799H1)
02/04/2015Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/06/2015Reported from Appropriations with substitute (20-Y 0-N) (see vote tally)
02/06/2015Committee substitute printed 15104861D-H2
02/07/2015Read first time
02/09/2015Read second time
02/09/2015Committee substitute of Science and Technology rejected 15104633D-H1
02/09/2015Committee substitute of Appropriations agreed to 15104861D-H2
02/09/2015Engrossed by House - committee substitute HB1799H2
02/10/2015Read third time and passed House (97-Y 3-N)
02/10/2015VOTE: PASSAGE (97-Y 3-N) (see vote tally)
02/10/2015Impact statement from DPB (HB1799H2)
02/11/2015Constitutional reading dispensed
02/11/2015Referred to Committee on General Laws and Technology
02/16/2015Reported from General Laws and Technology with amendment (13-Y 0-N) (see vote tally)
02/18/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/19/2015Read third time
02/19/2015Reading of amendment waived
02/19/2015Committee amendment agreed to
02/19/2015Engrossed by Senate as amended
02/19/2015Passed Senate with amendment (38-Y 0-N) (see vote tally)
02/20/2015Placed on Calendar
02/23/2015Senate amendment agreed to by House (91-Y 4-N)
02/23/2015VOTE: ADOPTION (91-Y 4-N) (see vote tally)
02/26/2015Bill text as passed House and Senate (HB1799ER)
02/26/2015Signed by Speaker
02/26/2015Signed by President
02/27/2015G Governor's Action Deadline Midnight, Monday, March 30, 2015
02/27/2015Impact statement from DPB (HB1799ER)
02/27/2015Enrolled Bill communicated to Governor on 2/27/15
02/27/2015G Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/27/2015G Approved by Governor-Chapter 685 (effective 7/1/15)
03/27/2015G Acts of Assembly Chapter text (CHAP0685)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 3 minutes.