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2005 SESSION

• | print version

SB 232 Economic Development Incentive Act; created.

Introduced by: Benjamin J. Lambert III | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Virginia Economic Development Incentive Act. Establishes the Virginia Economic Development Incentive Fund (Fund) to be administered by the Virginia Economic Development Partnership. The Fund will be used to provide grants for projects creating at least 400 jobs with average salaries at least 50 percent greater than the prevailing average wage for the area and investing a minimum of $6,500 per job or $5 million in capital, whichever is greater. Beginning January 1, 2005, the capital investment requirement shall be adjusted annually by any percentage increase in the Consumer Price Index. Any project that has received a Virginia Investment Partnership grant, an Enterprise Zone Act grant, or a Major Business Facility Job Tax Credit would be ineligible for a grant under the Act.

FULL TEXT

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/13/04 049487108  pdf | impact statement
• 02/11/04  Senate: Committee substitute printed 043038712-S1  pdf
• 02/13/04  Senate: Printed as engrossed 043038712-ES1  pdf | impact statement

AMENDMENTS

• Senate amendments

HISTORY

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/13/04 049487108
• 01/14/04  Senate: Referred to Committee on Finance
• 02/11/04  Senate: Reported from Finance with substitute (15-Y 0-N)
• 02/11/04  Senate: Committee substitute printed 043038712-S1
• 02/12/04  Senate: Constitutional reading dispensed (40-Y 0-N)
• 02/12/04  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
• 02/13/04  Senate: Read second time
• 02/13/04  Senate: Reading of substitute waived
• 02/13/04  Senate: Committee substitute agreed to 043038712-S1
• 02/13/04  Senate: Reading of amendment waived
• 02/13/04  Senate: Amendment by Sen. Lambert agreed to
• 02/13/04  Senate: Engrossed by Senate - committee sub. w/amd SB232ES1
• 02/13/04  Senate: Printed as engrossed 043038712-ES1
• 02/16/04  Senate: Read third time and passed Senate (40-Y 0-N)
• 02/16/04  Senate: VOTE: PASSAGE R (40-Y 0-N)
• 02/16/04  Senate: Communicated to House
• 02/19/04  House: Placed on Calendar
• 02/19/04  House: Read first time
• 02/19/04  House: Referred to Committee on General Laws
• 03/02/04  House: Assigned to App. sub-committee: 2
• 03/02/04  House: Reported from General Laws (22-Y 0-N)
• 03/02/04  House: Referred to Committee on Appropriations
• 03/04/04  House: Assigned to App. sub-committee: 2
• 03/08/04  House: Continued to 2005 in Appropriations (18-Y 7-N)
• 12/10/04  House: Left in Appropriations