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2014 SESSION

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HB 1258 Virginia Small Business Financing Authority; expands definition of eligible business.

Introduced by: Ronald A. Villanueva | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Small Business Financing Authority; definition of eligible business. Removes the requirement that an eligible business granted tax-exempt status under § 501(c)(3) of the Internal Revenue Code be operating in Virginia and replaces it with a requirement that the § 501(c)(3) business (i) has received $10 million or less in annual gross receipts under generally accepted accounting principles for each of its last three fiscal years or lesser time period if it has been in existence less than three years, (ii) has fewer than 250 employees, and (iii) has a net worth of $2 million or less.


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