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2015 SESSION

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HB 1556 Economic development, local; revenues from certain taxes for qualified locality.

Introduced by: Peter F. Farrell | 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

• 01/07/15  House: Prefiled and ordered printed; offered 01/14/15 15102829D  pdf

HISTORY

• 01/07/15  House: Prefiled and ordered printed; offered 01/14/15 15102829D
• 01/07/15  House: Referred to Committee on Counties, Cities and Towns
• 01/16/15  House: Referred from Counties, Cities and Towns by voice vote
• 01/16/15  House: Referred to Committee on Appropriations
• 02/10/15  House: Left in Appropriations