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2014 SESSION
SB 656 Economic development, local; revenues from certain taxes for qualified locality.
Introduced by: Thomas A. Garrett | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Local economic development. Provides that the Virginia income tax net revenue and sales and use tax generated by certain corporations or limited liability companies within a qualified locality shall be transferred to the qualified locality under certain conditions. A qualified locality is one that (i) has made application to the Virginia Economic Development Partnership Authority for a Major Employment and Investment Project Site Planning Grant pursuant to § 2.2-2240.2 and has been rejected for such grant and (ii) has expended local funds for the economic development purposes specified in § 2.2-2240.2. The total amount eligible to be returned to a qualified locality shall not exceed $5 million for any single economic development project.
FULL TEXT
AMENDMENTS
HISTORY
- 01/17/14 Senate: Presented and ordered printed 14104112D
- 01/17/14 Senate: Referred to Committee on Local Government
- 01/28/14 Senate: Reported from Local Government (6-Y 3-N)
- 01/28/14 Senate: Rereferred to Finance
- 02/05/14 Senate: Committee amendment
- 02/05/14 Senate: Continued to 2015 in Finance (17-Y 0-N)