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2015 SESSION
SB 1144 Local economic development.
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
HISTORY
- 01/13/15 Senate: Prefiled and ordered printed; offered 01/14/15 15102535D
- 01/13/15 Senate: Referred to Committee on Local Government
- 01/27/15 Senate: Reported from Local Government (14-Y 0-N)
- 01/27/15 Senate: Rereferred to Finance
- 02/11/15 Senate: Left in Finance