MEI Project Approval Commission; incentives requiring review. (HB458)

Introduced By

Del. David Bulova (D-Fairfax)

Progress

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

Description

MEI Project Approval Commission; incentives requiring review. Adds to the incentive packages for economic development, film, and episodic television projects that require MEI Project Approval Commission (the Commission) review and approval any incentive package in which one of the incentives being sought includes a cash payment of more than $3.5 million from any fund prior to any performance metrics being met by the proposed project. The bill clarifies that in calculating whether the value of proposed incentives exceeds $10 million and thus requires review under current law, the value of applicable existing tax credits and incentives shall not be considered, with the exception of the sales tax exemption for data centers and the motion picture tax credit. Finally, the bill provides that economic development projects that propose to relocate or expand operations in one area of the Commonwealth while closing or reducing operations in another area of the Commonwealth shall be subject to Commission review only if the value of the proposed incentives exceeds $2.5 million. Read the Bill »

Status

02/09/2022: In Committee

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22100646D
01/11/2022Referred to Committee on Appropriations
01/19/2022Assigned App. sub: Commerce Agriculture & Natural Resources
02/01/2022Impact statement from DPB (HB458)
02/02/2022Subcommittee recommends reporting (8-Y 0-N)
02/02/2022Reported from Appropriations (22-Y 0-N) (see vote tally)
02/04/2022Read first time
02/07/2022Read second time and engrossed
02/08/2022Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/08/2022VOTE: Block Vote Passage (98-Y 0-N) (see vote tally)
02/08/2022Reconsideration of passage agreed to by House
02/08/2022Passed House BLOCK VOTE (99-Y 0-N)
02/08/2022VOTE: Block Vote Passage #2 (99-Y 0-N) (see vote tally)
02/09/2022Constitutional reading dispensed
02/09/2022Referred to Committee on Finance and Appropriations
03/02/2022Continued to 2023 in Finance and Appropriations (15-Y 0-N) (see vote tally)

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