Small Business Investment Grant Fund; changes to Fund. (HB1968)

Introduced By

Del. Steve Landes (R-Weyers Cave) with support from co-patron Del. Tim Hugo (R-Centreville)

Progress

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

Description

Virginia Small Business Financing Authority; administration of Small Business Investment Grant Fund. Makes changes to the Small Business Investment Grant Fund to make it easier for investor applicants to qualify for grants and provide more benefits for investor applicants. The bill (i) allows as a qualified investment any cash equity investment in a qualified business from an individual investor or from an investor who has received compensation; (ii) amends the definition of "small business" to increase the amount of equity capital for a qualifying business from $3 million to $5 million; (iii) moves the start date for eligible investments from July 1, 2012, to July 1, 2016; and (iv) increases the amount of the grant from 10 percent of the investment to 50 percent of the investment or $50,000, whichever is less. The bill maintains the total grant allocation cap of $250,000 for each eligible investor. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2017Committee
01/10/2017Prefiled and ordered printed; offered 01/11/17 17101272D
01/10/2017Referred to Committee on General Laws
01/16/2017Impact statement from DPB (HB1968)
01/16/2017Assigned GL sub: Subcommittee #4
01/19/2017Subcommittee recommends reporting (7-Y 0-N)
01/24/2017Reported from General Laws (22-Y 0-N) (see vote tally)
01/26/2017Read first time
01/27/2017Read second time and engrossed
01/30/2017Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/30/2017VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
01/31/2017Constitutional reading dispensed
01/31/2017Referred to Committee on General Laws and Technology
02/13/2017Reported from General Laws and Technology (15-Y 0-N) (see vote tally)
02/15/2017Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/16/2017Read third time
02/16/2017Passed Senate (39-Y 0-N) (see vote tally)
02/16/2017Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) (see vote tally)
02/16/2017Passed Senate (40-Y 0-N) (see vote tally)
02/20/2017Enrolled
02/20/2017Bill text as passed House and Senate (HB1968ER)
02/20/2017Impact statement from DPB (HB1968ER)
02/20/2017Signed by Speaker
02/21/2017Signed by President
02/21/2017Enrolled Bill communicated to Governor on 2/21/17
02/21/2017G Governor's Action Deadline Midnight, March 27, 2017
03/13/2017G Approved by Governor-Chapter 383 (effective 7/1/17)
03/13/2017G Acts of Assembly Chapter text (CHAP0383)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 28 seconds.

Transcript

This is a transcript of the video clips in which this bill is discussed.

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