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

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