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
History
Date | Action |
---|---|
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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