Innovation and Entrepreneurship Investment Authority; powers, report. (SB1385)

Introduced By

Sen. Jill Holtzman Vogel (R-Winchester)

Progress

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

Description

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 »

Outcome

Bill Has Passed

History

DateAction
01/21/2015Presented and ordered printed 15103120D
01/21/2015Referred to Committee on General Laws and Technology
02/02/2015Impact statement from DPB (SB1385)
02/09/2015Committee substitute printed 15104919D-S1
02/09/2015Reported from General Laws and Technology with substitute (15-Y 0-N) (see vote tally)
02/10/2015Read second time
02/10/2015Reading of substitute waived
02/10/2015Committee substitute agreed to 15104919D-S1
02/10/2015Engrossed by Senate - committee substitute SB1385S1
02/10/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/10/2015Passed Senate (38-Y 0-N) (see vote tally)
02/10/2015Impact statement from DPB (SB1385S1)
02/12/2015Placed on Calendar
02/12/2015Read first time
02/12/2015Referred to Committee on Science and Technology
02/16/2015Reported from Science and Technology with amendments (20-Y 1-N) (see vote tally)
02/17/2015Read second time
02/18/2015Read third time
02/18/2015Committee amendments agreed to
02/18/2015Engrossed by House as amended
02/18/2015Passed House with amendments (96-Y 2-N)
02/18/2015VOTE: PASSAGE (96-Y 2-N) (see vote tally)
02/20/2015House amendments agreed to by Senate (38-Y 0-N) (see vote tally)
02/25/2015Enrolled
02/25/2015Bill text as passed Senate and House (SB1385ER)
02/25/2015Impact statement from DPB (SB1385ER)
02/25/2015Signed by Speaker
02/26/2015G Governor's Action Deadline Midnight, Monday, March 30, 2015
02/26/2015Signed by President
02/26/2015Enrolled Bill Communicated to Governor on 2/26/15
02/26/2015G Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/27/2015G Approved by Governor-Chapter 687 (effective 7/1/15)
03/27/2015G Acts of Assembly Chapter text (CHAP0687)