Economic development, local; transfer of taxes to qualified locality. (SB15)

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 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 and has been rejected for such grant and (ii) has expended local funds for the economic development purposes specified in the requirements for such grant provided by statute and in guidelines of the Authority. The bill provides that 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 »

Status

01/26/2016: Failed to Pass in Committee

History

DateAction
12/03/2015Prefiled and ordered printed; offered 01/13/16 16100525D
12/03/2015Referred to Committee on Local Government
01/19/2016Impact statement from TAX (SB15)
01/19/2016Rereferred from Local Government (13-Y 0-N) (see vote tally)
01/19/2016Rereferred to Finance
01/26/2016Continued to 2017 in Finance (15-Y 0-N) (see vote tally)