Virginia Growth and Opportunity Board; Virginia investment performance grants. (SB496)

Introduced By

Sen. Jennifer Carroll Foy (D-Woodbridge)

Progress

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

Description

Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount until July 1, 2028. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also requires, for a Virginia investment performance grant award determination that includes a job creation requirement, an eligible manufacturer or research and development service to pay an average wage, excluding fringe benefits, that is no less than the prevailing average wage for such new jobs. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Virginia investment performance grants payable to all grant recipients in any fiscal year shall not exceed $7 million and (ii) grants shall be payable in amounts up to $5 million per eligible manufacturer or research and development service in five equal, annual installments of up to $1 million, beginning in the first year after verification of capital investment and pledged employment. The bill also provides that eligible companies shall be eligible to receive Virginia economic development incentive grants in the first year after verification that requirements applicable to such grant are satisfied. The bill contains an enactment clause clarifying that no existing agreement entered into prior to the effective date of the bill shall be impacted by the bill. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/09/2024Prefiled and ordered printed; offered 01/10/24 24104367D
01/09/2024Referred to Committee on General Laws and Technology
02/07/2024Senate committee, floor amendments and substitutes offered
02/07/2024Reported from General Laws and Technology with substitute (15-Y 0-N) (see vote tally)
02/07/2024Committee substitute printed 24106988D-S1
02/07/2024Rereferred to Finance and Appropriations
02/12/2024Reported from Finance and Appropriations with amendment (15-Y 0-N) (see vote tally)
02/12/2024Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/13/2024Read second time
02/13/2024Reading of substitute waived
02/13/2024Committee substitute agreed to 24106988D-S1
02/13/2024Reading of amendment waived
02/13/2024Committee amendment agreed to
02/13/2024Engrossed by Senate - committee substitute with amendment SB496ES1
02/13/2024Printed as engrossed 24106988D-ES1
02/13/2024Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/13/2024Passed Senate (40-Y 0-N) (see vote tally)
02/13/2024Impact statement from DPB (SB496S1)
02/15/2024Impact statement from DPB (SB496ES1)
02/16/2024Placed on Calendar
02/16/2024Read first time
02/16/2024Referred to Committee on General Laws
02/19/2024Assigned GL sub: Professions/Occupations and Administrative Process
02/22/2024House subcommittee amendments and substitutes offered
02/22/2024Subcommittee recommends reporting with substitute (6-Y 0-N)
02/27/2024Reported from General Laws with substitute (22-Y 0-N) (see vote tally)
02/27/2024Committee substitute printed 24107890D-H1
02/29/2024Read second time
03/01/2024Impact statement from DPB (SB496H1)
03/01/2024Read third time
03/01/2024Committee substitute agreed to 24107890D-H1
03/01/2024Engrossed by House - committee substitute SB496H1
03/01/2024Passed House with substitute (84-Y 11-N)
03/01/2024VOTE: Passage (84-Y 11-N) (see vote tally)
03/04/2024Passed by for the day
03/05/2024House substitute rejected by Senate (0-Y 40-N)
03/06/2024House insisted on substitute
03/06/2024House requested conference committee
03/07/2024Senate acceded to request (40-Y 0-N)
03/07/2024Conferees appointed by Senate
03/07/2024Senators: Carroll Foy, McPike, French
03/07/2024Conferees appointed by House
03/07/2024Delegates: Bennett-Parker, Thomas, Arnold
03/08/2024C Amended by conference committee
03/08/2024Conference substitute printed 24109093D-S2
03/08/2024Conference report agreed to by Senate (39-Y 1-N)
03/08/2024Conference report agreed to by House (86-Y 10-N)
03/08/2024VOTE: Adoption (86-Y 10-N)
03/25/2024Enrolled
03/25/2024Bill text as passed Senate and House (SB496ER)
03/25/2024Signed by President
03/26/2024Signed by Speaker
03/27/2024Enrolled Bill Communicated to Governor on March 27, 2024
03/27/2024G Governor's Action Deadline 11:59 p.m., April 8, 2024
03/31/2024Impact statement from DPB (SB496ER)
04/08/2024G Approved by Governor-Chapter 624 (effective 7/1/24 - see bill)

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