Virginia Beach Sports or Entertainment Project; extends expiration date of tax incentive, etc. (HB120)

Introduced By

Del. Barry Knight (R-Virginia Beach) with support from co-patrons Del. Alex Askew (D-Virginia Beach), Del. Kelly Fowler (D-Virginia Beach), Del. Nancy Guy (D-Virginia Beach), and Del. Joe Lindsey (D-Norfolk)

Progress

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

Description

Virginia Beach Sports or Entertainment Project; extend expiration date of tax incentive; modify financing structure. Provides that the City of Virginia Beach's entitlement to state sales and use tax revenue attributable to a sports or entertainment project, which under current law will expire on July 1, 2039, shall expire on July 1 following the twentieth anniversary of the completion of construction of the sports and entertainment project. The bill authorizes the City of Virginia Beach to work with a community development authority established by the City to develop a sports or entertainment district, and authorizes it to use funds from the Sports or Entertainment Project Financing Fund to pay for debt maintenance costs of such authority. Read the Bill »

Status

02/26/2020: Passed the Senate

History

DateAction
12/16/2019Committee
12/16/2019Prefiled and ordered printed; offered 01/08/20 20101271D
12/16/2019Referred to Committee on Finance
01/11/2020Impact statement from TAX (HB120)
01/29/2020Assigned Finance sub: Subcommittee #2
02/03/2020Subcommittee recommends reporting with substitute (6-Y 4-N)
02/05/2020Committee substitute printed 20105677D-H1
02/05/2020Reported from Finance with substitute (14-Y 7-N) (see vote tally)
02/06/2020Read first time
02/07/2020Read second time
02/07/2020Committee substitute agreed to 20105677D-H1
02/07/2020Engrossed by House - committee substitute HB120H1
02/10/2020Read third time and defeated by House (44-Y 51-N)
02/10/2020VOTE:DEFEATED (44-Y 51-N) (see vote tally)
02/10/2020Reconsideration of defeated action agreed to by House
02/10/2020Passed by for the day
02/11/2020Read third time and passed House (75-Y 24-N)
02/11/2020VOTE: Passage (75-Y 24-N) (see vote tally)
02/12/2020Constitutional reading dispensed
02/12/2020Referred to Committee on Finance and Appropriations
02/25/2020Reported from Finance and Appropriations (15-Y 0-N 1-A) (see vote tally)
02/26/2020Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/26/2020Read third time
02/26/2020Passed Senate (36-Y 2-N 2-A) (see vote tally)

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