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

01/19/2022: Awaiting a Vote in the Appropriations 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

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