(EconDevel) Economic Development
HB 29 Budget Bill.Chief patron: Torian Summary as introduced:
02/28/24 Senate: Conferees appointed by Senate HB 30 Budget Bill.Chief patron: Torian Summary as introduced:
02/28/24 Senate: Conferees appointed by Senate HB 61 Enterprise zones; renewal periods.Chief patron: Wright Summary as introduced: Enterprise zones; renewal periods. Authorizes the Governor, upon the recommendation of the Director of the Department of Housing and Community Development, to renew enterprise zones for up to four five-year renewal periods for zones designated on or after July 1, 2005, and for up to two five-year renewal periods for zones designated before July 1, 2005. Under current law, zones designated on or after July 1, 2005, may be renewed for up to three such periods and zones designated before July 1, 2005, may be renewed for up to one such period.
03/05/24 House: Impact statement from DPB (HB61ER) HB 116 Retail Sales and Use tax; exemption for data centers.Chief patron: Sullivan Summary as introduced:
01/21/24 House: Impact statement from TAX (HB116) HB 233 Virginia Economic Development Partnership Authority; eligible site for site development grant.Chief patron: Campbell Summary as passed: Virginia Economic Development Partnership Authority; eligible site for site development grant; minimum acreage requirement. Provides that the Virginia Economic Development Partnership Authority may determine a site of at least 50 contiguous acres to be an eligible site if such site meets certain criteria provided in the bill to receive a site development grant from the Virginia Business Ready Sites Program Fund. This bill is identical to SB 135.
03/07/24 House: Signed by Speaker HB 237 Virginia Growth and Opportunity Board; increases membership.Chief patron: Austin Summary as passed: Virginia Growth and Opportunity Board. Modifies aspects of the Virginia Growth and Opportunity Board by adding a fourth Secretary to the Board's membership, to be appointed by the Governor, and providing that the Secretary of Labor may be one of the Secretaries appointed to the Board. The bill also reduces the amount of matching funds required for any grant awarded from the Virginia Growth and Opportunity Fund by requiring such funds to be equal to at least half of the grant awarded until July 1, 2028.
03/04/24 House: Impact statement from DPB (HB237ER) HB 412 Virginia Creative Economy Grant Fund and Program; established.Chief patron: Convirs-Fowler Summary as introduced:
01/08/24 House: Referred to Committee on General Laws HB 468 Financial Services Expansion Grant Fund; established.Chief patron: McNamara Summary as introduced: Financial Services Expansion Grant Fund. Creates the Financial Services Expansion Grant Fund to make grant payments to an eligible financial services company that makes a capital investment of at least $87 million at a facility in Roanoke County and creates at least 1,100 new full-time jobs at the facility. The eligible financial services company would be eligible for an aggregate of $15 million in grants paid out over a 10-year period if it meets such performance parameters. This bill is identical to SB 156.
02/28/24 House: Signed by Speaker HB 590 Electronic gaming devices; regulation, penalties.Chief patron: Hayes Summary as passed House: Regulation of electronic gaming devices; penalties. Authorizes and specifies the licensing requirements for the manufacture, distribution, operation, hosting, and playing of electronic gaming devices, as defined in the bill, under the regulatory authority of the Virginia Lottery Board. The bill imposes a 30 percent tax on all gross profits from the play of such electronic gaming devices and provides for the use of such tax proceeds. The bill also imposes criminal and civil penalties for violations of the law and regulations related to electronic gaming devices.
02/28/24 House: Delegates: Hayes, Krizek, Kilgore HB 642 Virginia Creative Economy Grant Program; established.Chief patron: Glass Summary as introduced: Virginia Creative Economy Grant Program. Establishes the Virginia Creative Economy Grant Program, to be administered by the Virginia Innovation Partnership Corporation, for the purpose of awarding grants to independent content creators and creative economy entrepreneurs, as those terms are defined in the bill, for the purpose of developing and expanding the creative economy, as defined in the bill, in the Commonwealth. The bill provides for the award of grants of no more than $20,000 to any recipient.
02/06/24 House: Referred to Committee on Appropriations HB 727 Administrative Process Act; emergency regulations for economic development projects.Chief patron: Webert Summary as introduced:
01/19/24 House: Impact statement from DPB (HB727) HB 1125 Virginia Business Ready Expedited Permitting Program; created.Chief patron: Carr Summary as passed House: Virginia Business Ready Expedited Permitting Program; established. Establishes the Virginia Business Ready Expedited Permitting Program and directs the Virginia Economic Development Partnership Authority to designate up to two sites and six projects for participation in the Program. Sites and projects eligible for the Program shall include only (i) sites eligible for a site development grant under the Virginia Business Ready Sites Program or (ii) projects with significant local, regional, or statewide economic impact that the governing body of the locality in which the project is located has either (a) approved following a public meeting or hearing or (b) submitted, by resolution, for consideration to be included in the Program. No more than two such sites may be designated within one locality per year. The Authority shall complete a review process within 45 days of designating a site to reduce permitting conflicts and provide relevant guidance to applicants. The bill also provides that no project shall be considered eligible to enter the Program after December 31, 2027 and requires annual reporting from the Authority. The bill has a delayed effective date of January 1, 2025, and shall expire on June 30, 2028.
03/07/24 Senate: Senators: Locke, Aird, Pillion HB 1178 Commonwealth of Virginia Innovation Partnership Authority; amends membership of board of directors.Chief patron: Sickles Summary as passed: Commonwealth of Virginia Innovation Partnership Authority; board of directors; membership. Amends the membership of the board of directors of the Commonwealth of Virginia Innovation Partnership Authority by adding four nonlegislative citizen members to increase the total membership to 15 members and removing the position currently held by a director of a technology transfer office or equivalent position from a major research public institution of higher education. The bill (i) provides the Speaker of the House of Delegates the power to appoint four nonlegislative citizen members to the board of directors, (ii) provides the Senate Committee on Rules the power to appoint four nonlegislative citizen members to the board of directors, and (iii) removes such appointment power from the Joint Rules Committee. Finally, the bill prohibits any member of the board from investing personal funds in venture capital activities or grants, loans, or investment programs supported or administered by the Authority.
03/06/24 House: Signed by Speaker HB 1267 Governor's Major Entertainment Opportunity Fund; renames Governor's Motion Picture Opportunity Fund.Chief patron: Willett Summary as introduced:
01/10/24 House: Referred to Committee on Appropriations HB 1457 Virginia Investment Performance Grant; economic development incentive grants.Chief patron: Carr Summary as introduced:
03/08/24 Conference: Amended by conference committee HB 1514 Virginia Sports and Entertainment Authority and Financing Fund; established, report.Chief patron: Torian Summary as introduced: The bill entitles the Authority to the following revenues: (i) sales tax revenues from construction and transactions on the campus, defined in the bill, but certain revenues that current law dedicates to transportation and education are excluded; (ii) all pass-through entity tax revenues and corporate income tax revenues from income generated by the company, defined in the bill, or any professional sports team or any affiliates as well as in the development and construction of the campus; and (iii) all personal income tax revenues from income generated through employment and business activity on the campus. It also authorizes the City of Alexandria to appropriate tax revenues to the Authority. The revenues shall be deposited in the Virginia Sports and Entertainment Authority Financing Fund, created in the bill, from which the Authority will deposit revenues into priority accounts for Authority revenues, debt service, subordinate debt service, reserves, and capital expenditures and maintenance. If the Authority determines that all such accounts are sufficiently funded, the bill directs the Authority to issue the excess to the Commonwealth and the City of Alexandria if so provided for in any bond or financing agreements.
02/13/24 House: Read third time and passed House (59-Y 40-N) SB 29 Budget Bill.Chief patron: Lucas Summary as introduced:
02/22/24 Senate: Passed Senate (38-Y 2-N) SB 30 Budget Bill.Chief patron: Lucas Summary as introduced:
02/22/24 Senate: Passed Senate (38-Y 2-N) SB 135 Virginia Economic Development Partnership Authority; eligible site for site development grant.Chief patron: Head Summary as passed: Virginia Economic Development Partnership Authority; eligible site for site development grant; minimum acreage requirement. Provides that the Virginia Economic Development Partnership Authority may determine a site of at least 50 contiguous acres to be an eligible site if such site meets certain criteria provided in the bill to receive a site development grant from the Virginia Business Ready Sites Program Fund. This bill is identical to HB 233.
03/05/24 House: Delegates: Reid, Willett, Campbell SB 212 Virginia Small Business Economic Development Act; established.Chief patron: Rouse Summary as passed: Virginia Small Business Economic Development Act established; regulation of skill game machines; penalties. Establishes the Virginia Small Business Economic Development Act for the purpose of providing a regulatory and registration scheme for skill game machines in the Commonwealth. The bill authorizes and specifies the registration requirements for the distribution, operation, hosting, and play of skill game machines, as defined in the bill. The bill imposes a 25 percent tax on the gross receipts from the play of each skill game machine from each distributor and provides for the use of such tax proceeds, with most being deposited into the PreK-12 Priority Fund, established in the bill. The bill directs the Virginia Lottery Board to promulgate regulations no later than January 1, 2027, to implement the provisions of the bill and authorizes the Virginia Alcoholic Beverage Control Authority to grant a provisional registration, beginning July 1, 2024, to any entity that provides a laboratory certification from a laboratory approved by the Authority that the game being distributed, operated, or placed in an establishment meets the definition and requirements of a skill game machine.
03/07/24 Senate: Impact statement from DPB (SB212ER) SB 217 Virginia Business Ready Expedited Permitting Program; created.Chief patron: Locke Summary as passed Senate: Virginia Business Ready Expedited Permitting Program; established. Establishes the Virginia Business Ready Expedited Permitting Program and directs the Virginia Economic Development Partnership Authority to designate up to two sites and four projects for participation in the Program. Sites and projects eligible for the Program shall include only (i) sites eligible for a site development grant under the Virginia Business Ready Sites Program or (ii) projects with significant local, regional, or statewide economic impact that the governing body of the locality in which the project is located has either (a) approved following a public meeting or hearing or (b) submitted, by resolution, for consideration to be included in the Program. No more than one eligible site or project shall be designated as part of the Program within any locality annually. The Authority shall complete a review process within 60 days of designating a site to reduce permitting conflicts and provide relevant guidance to applicants. The bill also provides that no project shall be considered eligible to enter the Program after December 31, 2027 and requires annual reporting from the Authority. The bill has a delayed effective date of January 1, 2025, and shall expire on June 30, 2028.
03/07/24 Conference: Amended by conference committee SB 410 Governor's Major Entertainment Opportunity Fund; renames Governor's Motion Picture Opportunity Fund.Chief patron: Head Summary as introduced:
01/09/24 Senate: Prefiled and ordered printed; offered 01/10/24 24105018D SB 496 Virginia Growth and Opportunity Board; Virginia investment performance grants.Chief patron: Carroll Foy Summary as passed Senate: 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. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also allows payouts for the Virginia investment performance grant and the Virginia economic development incentive grant programs to begin in the first year after reaching performance targets. Under current law, payouts for such grant programs generally cannot begin until the third year after projects achieve their performance targets. The bill also requires projects seeking grants from the Virginia investment performance grant program to pay at least the prevailing average wage if job creation is included in a grant award determination. The provisions of the bill providing matching requirements for regional grants under the program have an expiration date of July 1, 2028.
03/08/24 Conference: Amended by conference committee SB 669 Local economic development; commitments.Chief patron: Stuart Summary as introduced:
01/16/24 Senate: Presented and ordered printed 24101592D SB 679 Enterprise zones; extension.Chief patron: Head Summary as passed Senate: Enterprise zones; extension. Provides that any enterprise zone in existence as of June 30, 2024, shall be extended for a period of four years in addition to any renewal periods currently authorized by law and authorizes the Governor, upon the recommendation of the Director of the Department of Housing and Community Development, to renew enterprise zones for up to four five-year renewal periods for zones designated on or after July 1, 2005, and for up to two five-year renewal periods for zones designated before July 1, 2005.
02/26/24 Senate: Impact statement from DPB (SB679ER) SB 718 Virginia Sports and Entertainment Authority and Financing Fund; established, report.Chief patron: Surovell Summary as introduced: The bill entitles the Authority to the following revenues: (i) sales tax revenues from construction and transactions on the campus, defined in the bill, but certain revenues that current law dedicates to transportation and education are excluded; (ii) all pass-through entity tax revenues and corporate income tax revenues from income generated by the company, defined in the bill, or any professional sports team or any affiliates as well as in the development and construction of the campus; and (iii) all personal income tax revenues from income generated through employment and business activity on the campus. It also authorizes the City of Alexandria to appropriate tax revenues to the Authority. The revenues shall be deposited in the Virginia Sports and Entertainment Authority Financing Fund, created in the bill, from which the Authority will deposit revenues into priority accounts for Authority revenues, debt service, subordinate debt service, reserves, and capital expenditures and maintenance. If the Authority determines that all such accounts are sufficiently funded, the bill directs the Authority to issue the excess to the Commonwealth and the City of Alexandria if so provided for in any bond or financing agreements.
01/19/24 Senate: Presented and ordered printed 24103208D Counts: HB: 16 SB: 10 |