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 »
Outcome
History
| Date | Action |
|---|---|
| 12/03/2015 | Prefiled and ordered printed; offered 01/13/16 16100525D |
| 12/03/2015 | Referred to Committee on Local Government |
| 01/19/2016 | Impact statement from TAX (SB15) |
| 01/19/2016 | Rereferred from Local Government (13-Y 0-N) (see vote tally) |
| 01/19/2016 | Rereferred to Finance |
| 01/26/2016 | Continued to 2017 in Finance (15-Y 0-N) (see vote tally) |
| 12/02/2016 | Left in Finance |