Virginia Regional Industrial Facilities Act; revenue sharing, composite index. (HB692)

Introduced By

Del. Danny Marshall (R-Danville) with support from co-patron Del. Les Adams (R-Chatham)

Progress

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

Description

Virginia Regional Industrial Facilities Act; revenue sharing; composite index. Requires the Department of Taxation's calculation of true values as applied to the Commonwealth's composite index of local ability-to-pay to take into account an arrangement by localities entered into pursuant to the Virginia Regional Industrial Facilities Act whereby a portion of tax revenue is initially paid to one locality and redistributed to another locality. The bill requires such calculation to properly apportion the percentage of tax revenue ultimately received by each locality. The bill has a delayed effective date of July 1, 2020. Amends § 15.2-6407, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2018Prefiled and ordered printed; offered 01/10/18 18104538D
01/09/2018Referred to Committee on Counties, Cities and Towns
01/17/2018Assigned CC & T sub: Subcommittee #2
01/18/2018Subcommittee recommends reporting (8-Y 0-N)
01/18/2018Subcommittee recommends referring to Committee on Appropriations
01/19/2018Reported from Counties, Cities and Towns (21-Y 0-N) (see vote tally)
01/19/2018Referred to Committee on Appropriations
01/22/2018Assigned App. sub: Elementary & Secondary Education
01/26/2018Impact statement from DPB (HB692)
02/07/2018Subcommittee recommends reporting with substitute (8-Y 0-N)
02/09/2018Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
02/09/2018Committee substitute printed 18106622D-H1
02/10/2018Read first time
02/12/2018Read second time
02/12/2018Committee substitute agreed to 18106622D-H1
02/12/2018Engrossed by House - committee substitute HB692H1
02/13/2018Read third time and passed House (100-Y 0-N)
02/13/2018VOTE: PASSAGE (100-Y 0-N) (see vote tally)
02/14/2018Constitutional reading dispensed
02/14/2018Referred to Committee on Local Government
02/19/2018Impact statement from DPB (HB692H1)
02/20/2018Reported from Local Government (13-Y 0-N) (see vote tally)
02/20/2018Rereferred to Finance
02/27/2018Continued to 2019 in Finance (11-Y 1-N) (see vote tally)
11/30/2018Left in Finance

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